The company behind the Korean grocer PK Market has leased three floors of a historic building in Downtown Los Angeles to establish its U.S. headquarters and first American store.
PK Retail Holdings, a subsidiary of Emart and Shinsegae Group, will occupy three floors of the former Ville de Paris department store at 7th and Olive Streets in the Financial District. The 52,000-square-foot lease will use the third level as office space and place a retail food market on the first and second floors.
The six-story building, completed in 1917, is being restored by its new owner Atlas Capital Group as commercial offices. The New York-based real estate firm is both restoring the 101-year-old structure and adding a new rooftop penthouse structure. At completion, the building will feature approximately 169,000 square feet of rentable space.
Cushman & Wakefield's Mike Condon Jr., Pete Collins, Kelli Snyder, and Brianna Demus represented Atlas Capital in the transaction, and Matthew Fainchtein, Carter Magnin, and James Chung representing PK Retail.
Click here for a photo tour inside the former Ville de Paris store.