South Korean Gaming Company Buys Historic Pettebone Building
A South Korean video game developer has purchased a historic building in downtown Los Angeles.
NHN Global will be relocating its Los Angeles headquarters after acquiring the Forve-Pettebone building at 510 South Broadway from development group RYDA for $22M.
Originally built in 1905 and better known as the Pettebone Building, the building has been designated as one of the city’s Historic-Cultural Monuments.
After RYDA bought the five-story brick office building in 2015 for $7M, RYDA founders Ryan and Daniel Neman redeveloped the property and upgraded the 114-year-old building into a creative office with ground-floor restaurants.
The building has new office floor plans, new elevators, fiber internet and a 3K SF rooftop deck with views of downtown Los Angeles. On the ground floor, retail tenants include Mezcalero, a Mexican restaurant, and the Yakido, a yakitori restaurant from Hong Kong.
“When we purchased the asset, a majority of the building had been empty for decades,” Daniel Neman said in a news release. “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.”
Cushman & Wakefield’s Andrew Tashjian and Michael Gooch represented the seller. Industry Partners Carle Pierose represented the buyer.
NHN Global will move from its office in Koreatown.
