The Pettebone Building, a historic building downtown, has been sold to the U.S. subsidiary of a South Korean gaming company for $22 million or $595 per square foot.
RYDA Ventures sold the building to NHN Global Inc. NHN Global will be moving its headquarters from Koreatown to the new property. It did not immediately respond to requests for comment.
NHN Global, which operates as FashionGo, is a business-to-business marketplace and a subsidiary of NHN Entertainment Corp., which runs online and mobile games out of South Korea. Multiple divisions and subsidiaries are expected to occupy the downtown building. Most are gaming-related. NHN Global will move to the building over the summer.
Cushman & Wakefield Inc.’s Andrew Tashjian and Michael Gooch represented the seller. Industry Partners’ Carle Pierose represented the buyer.
The building, at 510 S. Broadway, was built in 1905. RYDA purchased the property in 2015. Updates then made to the building include new elevators and a rooftop deck.
