Korean gaming company NHN Global has purchased the Pettebone Building in Downtown's Historic Core for $22 million, with the intention of using the historic property as its new headquarters.
The five-story structure, located at 510 S. Broadway, was built in 1905 as the manufacturing and design facility of the Pettebone Company - the creator of the first street lamps in Downtown Los Angeles. The 45,000-square-foot building had been vacant above the ground-floor since the 1980s until 2017, when Los Angeles-based development firm RYDA began a restoration fo the property which returned it to its early 20th-century appearance and added new elevators, fiber internet, and a rooftop deck.
In addition to NHN Global, the building's ground level is activated with the Mexican restaurant Mezcalero, which will soon be joined by the yakitori restaurant YAKIDO.
Andrew Tashjian and Michael Gooch from Cushman & Wakefield represented the seller. Carle Pierose of Industry Partners represented the buyer in the transaction.
Co-working firms continue to eat up new and existing office space in Downtown Los Angeles
The Real Deal reports that WeWork is in talks to lease the entirety of Hudson Pacific Properties' Maxwell development in the Arts District.
The project, which includes the restoration of the historic Maxwell Coffee Building at 405 Mateo Street and a newly-built eight-story structure, offers approximately 100,000 square feet of rentable space.
If the deal is finalized, this would be the second office development which Hudson Pacific has pre-leased this year. Earlier this month, it was announced that Google has leased all 584,000 square feet of the One Westside redevelopment in Rancho Park.
In the Financial District, another co-working firm, Industrious, has reportedly signed a nearly 23,000-square-foot lease at the Citigroup Center at 5th and Flower Streets.
The 48-story tower was purchased by Coretrust Capital Partners in 2016.
- This Week in Leases (Urbanize LA)