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October 23, 2018
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South Korean-Based Retailer Leases 52k sf at DTLA Mixed-Use Property for HQ and Store Space

9/28/18

PK Retail Holdings, a subsidiary of Emart and Shinsegae Group, has signed a 10-year lease for a new, 51.7k sf, mixed-use headquarters and retail complex at 712 South Olive St in downtown Los Angeles. The South Korea-based retailer will occupy floors one through three at “7th & Olive” to serve as their US headquarters.

Although we don’t have the lease value, an industry source estimated that the deal has a total value around $40 mil. From what we understand, asking rates at the property are about $7.00/sf/mo for retail space and $3.75/sf/mo NNN for office space. The building is owned by Atlas Capital Group.

Beyond establishing their home base for North America, PK Retail Holdings will debut a new concept called PK Market on the ground and second floors of 7th & Olive. PK Market will feature a reimagined retail food market with multiple highly-curated food and beverage offerings on the premises.

Located on the southeast corner of Seventh and Olive Streets in the heart of Downtown LA, the 101-year-old Jewelry District property features 169k sf of office and retail space with exposed brick, 13-foot ceilings, a rooftop penthouse jewel box exclusive to an office tenant with dramatic views of DTLA and subterranean basement parking with EV charging stations. It was originally built in 1917 as home to the Ville de Paris department store.

Cushman & Wakefield’s Mike Condon, Jr., Pete Collins, Kelli Snyder, and Brianna Demus represented the landlord in the transaction, while Matthew Fainchtein, Carter Magnin, and James Chung represented PK Retail Holdings.

“PK Market epitomizes a growing trend for tenants in Downtown LA who demand unique space that speaks to their brand and identity while capturing an opportunity for corporate offices as well as outward-facing business goals,” said Condon, Jr. “The 7th & Olive location has proven to be second to none in attracting tenants to the confluence of South Park, the Historic Core, and the Financial District and is uniquely situated to cater to both local residents and businesses alike.”

Collins added, “This demonstrates how Downtown LA is gaining ground on many of the Westside submarkets, tenants recognize that there’s an authenticity and energy here that matches the best of west Los Angeles. Projects like 7th & Olive offer tenants irreplaceable and one-of-a-kind historic assets that are being taken down as soon as they are delivered. The combination of a great asset and excellent sponsorship was attractive to PK Market and will give us momentum to lease the balance of the building.”




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