Newly Renovated Building across from the NoMad Hotel Features Creative Office and Retail
LOS ANGELES, September 27, 2018 – PK Retail Holdings, a subsidiary of Emart and Shinsegae Group, has signed a lease for a new, 51,692-square-foot mixed-use headquarters and retail complex at 712 South Olive Street in Downtown Los Angeles. The South Korea-based retailer will occupy floors 1 through 3 at “7th & Olive” to serve as their US headquarters.
Beyond establishing their home base for North America, PK Retail Holdings will debut a new concept called PK Market on the ground and second floors of 7th & Olive. PK Market will feature a reimagined retail food market with multiple highly-curated food and beverage offerings on the premises.
Located on the southeast corner of Seventh and Olive Streets in the heart of Downtown LA, the 101-year-old Jewelry District property features 169,000 square feet of office and retail space with exposed brick, 13-foot ceilings, a rooftop penthouse jewel box exclusive to an office tenant with dramatic views of DTLA and subterranean basement parking with EV charging stations. It was originally built in 1917 as home to the Ville de Paris department store.
“PK Market epitomizes a growing trend for tenants in Downtown LA who demand unique space that speaks to their brand and identity while capturing an opportunity for corporate offices as well as outward-facing business goals,” said Mike Condon, Jr., Executive Managing Director. “The 7th & Olive location has proven to be second to none in attracting tenants to the confluence of South Park, the Historic Core, and the Financial District and is uniquely situated to cater to both local residents and businesses alike.”
Managing Director Pete Collins said, “This demonstrates how Downtown LA is gaining ground on many of the Westside submarkets, tenants recognize that there’s an authenticity and energy here that matches the best of west Los Angeles. Projects like 7th & Olive offer tenants irreplaceable and one-of-a-kind historic assets that are being taken down as soon as they are delivered. The combination of a great asset and excellent sponsorship was attractive to PK Market and will give us momentum to lease the balance of the building.”
Cushman & Wakefield’s Mike Condon, Jr., Pete Collins, Kelli Snyder, and Brianna Demus represented the landlord in the transaction, while Matthew Fainchtein, Carter Magnin, and James Chung represented PK Retail Holdings.
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