LB Asset Management and Actis Plan Seoul Office-to-Data-Center Conversion
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LB Asset Management and Actis have abandoned a planned sale of TCC Dongyang Tower in Seoul’s Dangsan-dong and intend to develop the office asset directly as a data center. Construction is planned to begin before year-end, but has not been confirmed as started.
- LB Asset Management and Actis plan to develop TCC Dongyang Tower as a data center rather than sell the building.
- Construction is planned before year-end; no construction start has been confirmed.
- The project has a 20 MW electricity-use agreement with Korea Electric Power Corporation, signed at the end of 2024.
- Estimated total project cost is KRW 500 billion–600 billion.
- The site has Seoul approvals for new construction and renovation.
LB Asset Management and Actis are shifting TCC Dongyang Tower from a prospective asset sale to direct data-center development after Koramco Asset Management, which had considered an acquisition, was unable to secure investors.
The owners plan to begin construction before the end of the year. The project’s estimated total budget is KRW 500 billion to KRW 600 billion. This is an estimate rather than confirmed financing or incurred CAPEX.
A key element of the development case is a 20 MW electricity-use agreement signed with Korea Electric Power Corporation at the end of 2024. The 20 MW figure refers to contracted electricity supply, not commissioned data-center IT capacity. Seoul city approvals for new construction and renovation have also been obtained.
The building is in Dangsan-dong, Yeongdeungpo district, Seoul, near Yeouido. Its location may be particularly relevant to financial users requiring ultra-low-latency connectivity to Korea Exchange, according to the source. TCC Dongyang Tower has a total floor area of 29,102 square metres, comprising five basement levels and 19 above-ground floors.
The conversion highlights how pre-secured power and development approvals can shape data-center feasibility in the Seoul metropolitan area. If implemented, the project could provide an example of existing urban office real estate being repurposed for data-center use where new sites, available power and regulatory approvals are constrained.
The project illustrates the value of secured power and permitting in the Seoul metropolitan data-center market. A 20 MW electricity-use agreement and construction approvals could give the site an advantage over projects still awaiting grid and permitting milestones, while the proposed conversion reflects constrained site availability, power shortages and tighter regulation.
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