Otis Korea Delivers Modernization Projects for Key Global Customer

SEOUL, Korea, October 7, 2024 – Otis Elevator Korea (hereafter, Otis Korea, CEO Ikseo Cho) has taken elevator modernization to a new level – with recently completed major projects at the Gangnam Financial Center and Seoul Finance Center, two impressive high-rise buildings in Seoul. Otis Korea is a subsidiary of Otis Worldwide Corporation (NYSE: OTIS), the world’s leading elevator and escalator manufacture, installation and servicing company.

Both buildings are owned by GIC Private Limited and managed by CBRE, the largest commercial real estate manager in the world. Otis Korea modernized the elevators from 2021 to 2023, with follow-up work completed this year. Otis Korea also secured five-year maintenance contracts for both buildings.

“These projects clearly show why Otis is the world’s leading elevator company and illustrates our commitment to our Absolutes of safety, quality and ethics,” said Jaehyup Kim, head of Otis Korea MOD, who oversaw the projects. “In the midst of accelerating urbanization, the scale and importance of the modernization market is growing every year. As the industry leader, Otis will continue to lead by example in the modernization market as well.”

Gangnam Financial Center is 206 meters tall, with 45 floors above ground and eight floors underground. It had a total of 42 units – 16 Otis high-speed elevators and 16 additional elevators and 10 escalators from other manufacturers. Otis modernized all of them.

Seoul Finance Center is 124 meters high, with 30 floors above ground and eight below. Otis Korea modernized the 30 existing Otis elevators and escalators, including 16 high-speed elevators, 10 low-to-mid speed elevators and four escalators.

Otis modernization delivers significant value for customers around the world by:

• Providing safer rides for passengers by upgrading systems to the latest safety standards and regulations.
• Minimizing shutdowns and improving the performance and reliability of the elevator for tenants and passengers when they need it most.
• Planning for modernization work and incorporating into capital planning budgets to better manage unexpected disruptions and repairs and control the pace and cost.
• Managing impact on the environment by increasing efficiency and reducing energy consumption.
• Increasing the appeal of your property and providing easy travel for your tenants with shorter wait times and more comfortable, accessible, connected journeys.

Learn more about Otis modernization.

About Otis

Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.3 billion people a day and maintain approximately 2.3 million customer units worldwide – the industry's largest Service portfolio. You’ll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 71,000 people strong, including 42,000 field professionals, all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo.