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Stories

eBay South Korea: Operating With A Renewed HQ And A New Satellite Office

01 THE CHALLENGE

In 2017, eBay’s headquarters at Gangnam Finance Center (GFC) was up for renewal. Aiming to keep eBay's HQ within our portfolio, Cushman & Wakefield Korea needed to improve benefits while being flexible on renewal terms.

After completing the HQ renewal project, eBay wanted to expand its office in 2018. However, GFC had no more vacancies. eBay then requested Cushman & Wakefield to look for a similar office near its HQ.

02 THE SOLUTION

Cushman & Wakefield long-listed prospects in major business districts, narrowed down options, and created awareness to arouse market competition. This helped our team check what the competition could offer, negotiate better with GFC, and secure the best terms and conditions for eBay's HQ.

For eBay's satellite office, we searched for Grade A options near the HQ. We wanted to help eBay's employees have easier communication and movement between divisions. The Cushman & Wakefield team represented eBay as well in negotiations with the landlord.

03 THE RESULT

For eBay's HQ, Cushman & Wakefield offered maximised commercial benefits such as rent-free periods. Though it was a lease renewal, the landlord gave a significant improvement allowance for existing facilities' renovation.

For the satellite office, we secured impressive benefits as well. Despite vacancies filling fast and Gangnam being a landlord’s market, we got a long fit-out period and cash allowance for construction. Our team also saved more than 10% costs from the landlord’s first full-term offer.

WE’RE ON HAND TO HELP

Contact us to discuss how our experience on this project could be translated to your business requirements.

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