The Pettebone Building, a historic building in downtown L.A., has sold to the U.S. subsidiary of a South Korean gaming company for $22 million or $595 per square foot.
RYDA sold the building to NHN Global Inc. NHN Global will be moving its headquarters from Koreatown to the new property. NHN Global 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. NHN Entertainment runs online and mobile games out of South Korea. Multiple divisions and subsidiaries are expected to occupy the downtown building. Most are gaming-related. They will move to the building over the summer.
Cushman & Wakefield’s Andrew Tashjian and Michael Gooch represented the seller. Industry Partners’ Carle Pierose represented the buyer.
“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,” Tashjian said in a statement.
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.
“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, in a statement.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans