A major South Korean retailer has chosen Downtown LA to host the first-of-its kind location of an upscale market called PK Market.
The 51,692-square-foot store will bring “a reimagined retail food market with multiple highly-curated food and beverage offerings,” according to a release from Cushman and Wakefield, the real estate firm that represented the building’s owner and the tenant in the transaction.
The company, PK Retail Holdings, will lease the first three floors of the building—the first two floors will be retail space, while the third floor will serve as offices and the U.S. headquarters for the market.
PK Market spokesperson Neil Stern says the company was attracted to the location, because it is “incredibly vibrant with both business and residential growth,” and nearby hip hotels “like Nomad and Ace bringing travelers into the market.”
The building dates back to 1917 and was built to house the Ville de Paris department store. Now, it’s owned by Atlas Capital Group and being renovated for use as 169,000 square feet of office and retail space.
PK Retail Holdings is a subsidiary of Shinsegae Group, which controls a number of retail companies including department stores, convenience stores, grocery stores, and the Target-like E-Mart.