Aegis Asset Management Begins Remodeling Former Bundang Lotte Department Store into Mixed-Use Landmark

Introducing the 'Mega Floor Office' Optimized for Big Tech
Full-Floor Office Lease Commitment Secured Ahead of Construction

Aegis Asset Management is remodeling a department store, which closed last March, into "Timework Bundang," a mixed-use office and retail commercial facility. "Lineplus" has committed to leasing the entire "Mega Floor Office," meaning that a major portion of the workspaces will soon be occupied.

On August 6, Aegis Asset Management announced that it would redevelop the former Lotte Department Store Bundang branch, located in Sunae-dong, Bundang-gu, Seongnam-si, Gyeonggi-do, into "Timework Bundang," which will have a scale of six basement levels and eight above-ground floors. The renovations for Timework Bundang are scheduled to be completed in October 2028.

Timework Bundang bird's-eye view. Aegis Asset Management

Once the remodeling is finished, the building will be reconfigured to have a total floor area of 77,720 square meters. Of this, office facilities will occupy 51,483 square meters, or 66.2% of the entire space, and the remaining 26,237 square meters will be dedicated to retail space. Lineplus will utilize all floors from the 4th to the 8th above ground, which are allocated for office use.

The key feature of Timework Bundang is the "Mega Floor Office" concept, which leverages the existing department store's layout. Unlike the confined structure of standard high-rise office towers, this approach takes advantage of the expansive floor plates and high ceilings unique to retail spaces; each standard floor will have an exclusive area of approximately 5,251 square meters.

Moreover, the Mega Floor Office is designed to minimize physical barriers among employees, stimulating creative idea generation and seamless collaboration. Space efficiency is also maximized, allowing tenants to secure the same amount of workspace while reducing the required exclusive area by about 20%, effectively lowering costs.

From the perspective of fund investors, this project exemplifies risk management and improved cost efficiency. Instead of new construction that would require a total demolition, the project chose to retain the existing structural framework through a major renovation.

Sections from the second basement floor up to parts of the second above-ground floor will be transformed into a complex retail zone. Operational and tenant-attraction know-how developed at major commercial facilities, such as "Onegrove" in Magok and "OneSentinel" in Yeouido, will be actively applied to the retail operations here. Notably, Lotte Shopping is considering operating the first basement level.

The site conditions are also excellent. Timework Bundang will be directly linked to Sunae Station on the Suin-Bundang Line via its second basement floor. Closely connected to major arterial roads, it is expected to emerge as a vital transportation hub in the southern Seoul metropolitan area and a landmark in the region, integrating work, relaxation, and shopping.

An official from Aegis Asset Management stated, "Lineplus's decision to lease the space is the result of meeting the need for horizontal and spacious offices preferred by global companies," adding, "Starting with Timework Bundang, we will continue to offer customized business spaces for corporate tenants through conversion projects such as Iota Seoul and Sindorim D Cube City."

This content was produced with the assistance of AI translation services.