Honeywell: Innovating from a New R&D Lab in Korea

Honeywell, a global manufacturer of core parts such as turbo drives for automotive engines, required a new laboratory facility for R&D in Hwaseong, South Korea.

The company approached Cushman & Wakefield to search and source a land parcel where they could build the facility to suit their requirements, which included the ingress of dangerous goods.

Another key consideration for us was that the location should be within commuting distance for the R&D staff.

Cushman & Wakefield provided a comprehensive analysis of the Sihwa and Hwaseong industrial areas and presented several land options to Honeywell.

After a thorough search, we were able to source an attractive land parcel in Siheung City that was approximately 1,650 sqm in size.

We gave advice on the specific regulations and procedures for industrial complexes in Korea, which may be unfamiliar to a multinational company like Honeywell.

On Honeywell’s behalf, we cooperated with the local government to ensure that the intended use for the land would be legal and acceptable.

Cushman & Wakefield also mediated with local agents who were not accustomed to the processes of large corporations.

By simultaneously negotiating with various land options and creating competition, Cushman & Wakefield successfully reduced the sale price.

We also assisted Honeywell in the due diligence process until its completion and helped the company secure permission from the local government to begin construction on the land.