A South Korean video game company is moving from Koreatown to Class A digs in El Segundo to get closer to the airport.
Online game maker Nexon America Inc., the U.S. arm of Seoul-based Nexon Corp., is leaving a Wilshire Boulevard building owned by Jamison Services Inc. after inking a five-year deal Nov. 15 at 222 N. Sepulveda Blvd.
The lease with owner Pacific Corporate Towers LLC, the entity of an unknown pension fund, is valued at $4.4 million. Nexon’s new 37,772-square-foot location represents a sizable expansion for the company, said Nexon spokesman Mike Crouch.
“The proximity to the airport is a positive for us,” Crouch said. “A lot of our employees travel back and forth to Asia.”
Nexon won’t move into the 24-story building until June.
The company considered staying at its 3460 Wilshire Blvd. office but was swayed by the El Segundo location and the chance to upgrade from a Class B to a Class A property, according to broker Nathan Pellow, who represented the tenant,
“Nexon really wanted to shift to an area that was a little more diverse, with more amenities,” Pellow said. “It’s in a B building now and they will go to an A building.”
About $50 per square foot is being spent on building out Nexon’s offices. The lease, which includes parking concessions and some free rent, starts at $2.10 per square foot per month on a full-service gross basis and escalates annually by 3 percent.
Geoff Ludwig of Colliers International also represented the tenant. Grafton Tanquary and Erin Grannis of CB Richard Ellis Group Inc. represented the landlord. They did not return calls seeking comment.
Korean Evangelical Zion Church has found a new worship hall in Koreatown. The church has purchased an industrial warehouse at 2149 W. Washington Blvd. for $2.3 million, or $284 per square foot for the 8,100-square-foot building.
The warehouse, which includes an attractive bow-truss roof structure visible from the interior, will get a makeover by the church, which plans to open the doors next year. The church has outgrown its current location nearby at Venice and Hobart boulevards, and needed more parking, said broker Audrey Jung of Re/Max Commercial, who represented Korean Evangelical.
“They don’t want to move far from where they are originally,” she said, adding the church is planning to sell its current home.
The new worship hall currently houses the showroom of kitchen design company Kitchen Warehouse, which sold the property because it is downsizing and will lease a smaller space, said broker Anthony Behar of Major Properties, who represented Kitchen Warehouse.
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