LOS ANGELES, CA, January 23, 2019 – Local Los Angeles development company RYDA announced today that their historic Pettebone Building has sold to NHN Global, Inc. for a record-setting price of $22 million or $595 per sf. A prominent South Korean video game developer, NHN Global will be relocating their headquarters, which is currently in Koreatown, to their new property in Downtown Los Angeles.
Brokerage professionals Andrew Tashjian and Michael Gooch from Cushman & Wakefield represented the seller. Carle Pierose of Industry Partners represented the buyer in the transaction.
Located at 510 S. Broadway, the Pettebone Building was originally built in 1905. After purchasing it in 2015, RYDA designated the building as a Historic-Cultural Monument and performed extensive work, updating the 114-year-old landmark with a full core and shell renovation, restoring the early 1900’s façade and intricate original window system. Along with exposing the original brick and steel structure to cater to creative users, RYDA has also added modern upgrades such as new elevators, fiber internet, and an expansive 3,000-sf rooftop deck offering unencumbered views of Downtown L.A. Retail tenants include Mezcalero, a popular Mexican restaurant offering tacos and cocktails, and the upcoming YAKIDO, a famed yakitori restaurant from Hong Kong.
“Not only does this high watermark sale speak to the vision and expert craftsmanship of RYDA, but it also demonstrates the tremendous evolution and appeal of Downtown L.A., and particularly the Historic Core, as a real destination for brands and world-class tech enterprises,” said Andrew Tashjian, Managing Director at Cushman & Wakefield.
“When we purchased the asset, a majority of the building had been empty for decades. We immediately saw its potential and were delighted to breathe new life into this beautiful piece of Los Angeles history, while also reinvigorating a stretch of Broadway that the immediate community—and Angelenos everywhere—could really be proud of,” said Daniel Neman, co-founder of RYDA.
This deal comes on the heels of a recent influx of prominent South Korean companies in Downtown L.A. Hanjin International Corp. occupies a full floor at their Wilshire Grand Center property and grocery chain PK Market will open their first U.S. store and headquarters office at 712 S. Olive St. Both transactions were brokered by Cushman & Wakefield.
Mr. Tashjian also signed Netmarble Corp., the largest video game company in South Korea, to a 15,000-sf lease at 600 Wilshire Blvd. last year.
RYDA was founded in 2014 to bring communities together by connecting people and place. Dedicated to making intelligent and detailed decisions, RYDA aims to have a positive impact on every community, client and environment within reach. They are committed to sustainable development that connects the past, present and future for all their projects. To learn more, visit www.ryda.us or email firstname.lastname@example.org.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.