The historic Space building, built by first-generation modern architect Kim Swoo-geun, will be turned into a gallery space following Arario Gallery’s purchase of the property on Monday, according to the Space Architecture Group.

The architectural firm said the ownership of the building was handed over to Arario Gallery CEO Kim Chang-il from Space Architecture Group president Lee Sang-lim. The two heads signed the contract on condition of not altering the structure, especially the old work studio of late architect Kim Swoo-geun (1931-1986).

The gallery paid 15 billion won ($14 million) for the early modern work of architecture that is likely to be reviewed for registration as a cultural heritage site. The price was the lowest estimate for the building when it was last week put up for auction, which failed to attract bidders.

The Space building has been on the market since the owner filed for bankruptcy. With concerns over the possible demolition of the historic building in the hands of a new owner, the Kim Swoo Geun Foundation launched a social funding initiative on Nov. 18 in an attempt to save it. It raised 1 billion won ($942,000) in just five days.

Cultural figures such as movie director Park Chan-wook, former Culture Minister Yu In-chon and former administrator of the Cultural Heritage Administration Yoo Hong-joon also called for the preservation of the building on Nov. 18.

The Space building was selected as Korea’s best example of modern architecture in a survey of 100 experts earlier this year. Blanketed in ivy, the building with black brick walls is regarded as the epitome of Kim Swoo-geun’s art reflecting Korean aesthetics in Western construction.

By Lee Woo-young (wylee@heraldcorp.com)