Lendlease, the global real estate developer and investment manager, is establishing a foothold in Korea and is in the process of leasing office space at One Grove in Magok, according to investment-banking sources.

The firm initially explored locations in Seoul’s CBD but ultimately zeroed in on One Grove, a large-scale business district developed with approximately KRW 2.3 trillion from the National Pension Service (NPS).

The campus totals 463,098 sq m of GFA and now hosts roughly 20 global managers, including a growing cluster of real-estate specialists such as Greystar and Phoenix Property Investors—a concentration widely viewed as a way to deepen working ties with NPS as it scales alternatives.

Measured excluding infrastructure, NPS’s real estate AUM was KRW 31.2 trillion (~$22.4B) in 2019, surpassed KRW 46 trillion (~$33.1B) by 2022, climbed to KRW 58.2 trillion (~$41.9B) in 2024, and—at the current 2025 run-rate—is on track to exceed KRW 60 trillion (~$43.2B) this year.

Trade outlet PERE (PEI Group) has noted that while the number of NPS commitments has declined, total committed capital has increased, signaling a more selective, larger-ticket approach.

For large global managers, that trend translates into a broader opportunity set to partner with NPS on sizeable mandates.

Headquartered in Sydney and founded in 1958, Lendlease manages USD 48.9 billion (approx. KRW 67.8 trillion) in funds under management.

The firm has been involved in landmark projects across global gateway cities—ranging from Sydney’s cultural icons to London’s Moorfields offices and Singapore’s Paya Lebar Quarter (PLQ) mixed-use precinct.

Lendlease and NPS already have a history of partnering. In 2021, NPS acquired the final office tower at Melbourne Quarter for roughly AUD 1.2 billion (about KRW 1.1 trillion), with Lendlease retained to operate and manage the asset—an example of a programmatic “develop-then-manage” model that aligns the two organizations.

By moving into One Grove, Lendlease is signaling that it sees Korea not only as a capital source but also as a priority market for investment and development.

With NPS’s allocation momentum and a maturing pipeline of prime offices and complex mixed-use schemes, market watchers expect collaboration to deepen—across acquisitions, conversions, and large-scale placemaking.