SEOUL, Jan. 8 (Korea Bizwire) - Samsung Life Insurance Co. said Friday it signed a contract with local builder Booyoung to sell its headquarters building in central Seoul.
Under the deal, Samsung will sell the 25-story, 87,000 square-meter building to the construction firm, with the contract to be finalized within the third quarter of this year, according to the insurer.
The price tag is around 500 billion won (US$417.5 million), though both sides did not give details citing their contract terms.
Since being built in 1984, the building has been used as the main office for the country’s top life insurer, and was recognized as one of the conglomerate’s signature structures along the Taepyeong street at the center of the city.
Samsung Life Insurance is widely expected to move to the corporate building in Seocho-gu, the southern part of the city, where tech giant Samsung Electronics is headquartered.
“Now that we signed the contract, we will begin discussions in earnest (with affiliates) on whether to move to the building in Seocho (with affiliates),” a Samsung official said, noting nothing has been fixed yet.’