Global real estate investment, development and property manager Hines plans to develop and operate in Busan, South Korea, the Global Quantum Complex, a mixed-use development that will house the nation’s first quantum computing research and development (R&D) hub, next-generation offices and space for education, retail and residential offerings.

The development, which will total over 180,000 square metres, is situated in the heart of Haeun-dae District, the urban live-work-play epicentre of Busan and is designed by renowned international architect Skidmore, Owings & Merrill. The 74-story mixed-use tower will be one of Korea’s five tallest towers and include market-leading sustainability features to comply with South Korea’s 2030 carbon reduction goals.

The mixed-use vertical city, the company says, will feature a state-of-the art research facility, the highest quality office space in the market, and premium lifestyle amenities catering to global and domestic corporations and residents. The project is expected to generate US$3.6 billion in economic value and create 18,000 jobs, contributing to Busan’s objective of attracting and supporting business and technological growth throughout the region.

The construction for the complex, the company’s largest project in Korea to date, will commence in 2024 with a target completion in 2027. The company established a capital markets office in Seoul in 2013 and an investment and development office in 2021. Over the past two years, it has significantly expanded its presence in the market with the acquisition of West Gate Tower in Seoul, and three logistics developments in Incheon, Anseong and Hwaseong.

“As more global companies increase their interest and demand for quantum computing, they will now be able to look to Busan and this mixed-use development as their next location for the future,” says Ray Lawler, Hines’ chief executive officer for Asia-Pacific.

Harry Lee, the company’s managing director and country head of South Korea, adds: “As South Korea’s second-largest city, Busan is an important hub for business, R&D, logistics, trading and global shipping, so we are confident that this mixed-use project will help to make the community more vibrant and make progress towards the city’s goal of being a global business hub centered around quantum computing.”