Gourmet grocer PK Market bags lease Downtown for first US outpost

The South Korean gourmet grocer will open retail and office location

Los Angeles /
Sep.September 27, 2018 09:00 AM
Shinsigae CEO Jang Jae-young, Atlas Capital Group Director of Leasing Marc Riches, and 712 S. Olive Street

Eat your heart out Whole Foods, there’s a fancy new grocer on the block.

South Korean supermarket brand PK Market will open its first U.S. grocery store at Atlas Capital Group’s 712 Olive Street in Downtown Los Angeles, according to the Los Angeles Times.

The three-story location will also serve as the company’s U.S. headquarters.

PK Retail Holding’s choice of location will compete with Whole Foods, which has a nearby market at the corner of 8th Street and South Grand Avenue.

PK Retail signed for 51,700 square feet in the six-story building.

The company is owned by South Korea’s largest retailer, Shinsegae, which reported $28 billion in revenue last year, according to the Times. PK Markets is a new venture for the company. It operates just two markets in South Korea, but has numerous E-Mart chain stores that are similar to Walmart Supercenters.

PK Market’s new home stateside is a 101-year-old building that Atlas Capital is renovating as a combined office and retail building. It was built in 1917 as the Ville de Paris department store.

Atlas Capital is having success with its Row DTLA creative office and retail complex near the Arts District. Last year, Adidas announced it was opening an office there. Boston-based boutique streetwear brand Bodega announced in April that it would open an 8,000-square-foot location there as well. [LAT] — Dennis Lynch 


Related Articles

arrow_forward_ios
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Los Angeles City Council member Kevin de León

New LA Council member who won Huizar’s vacated seat vows affordable housing push

New LA Council member who won Huizar’s vacated seat vows affordable housing push
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
Brookfield CEO Brian Kingston and 725 South Figueroa Street

Here’s what tenants pay at Brookfield’s 950K sf Ernst & Young Plaza

Here’s what tenants pay at Brookfield’s 950K sf Ernst & Young Plaza
Colony’s Tom Barrack,, One California Plaza, and Rising CEO Christopher Rising (Credit: TM/Bauer-Griffin/GC Images via Getty Images, Tiffany Rose/Getty Images)

Here’s what tenants pay at Colony Capital & Rising Realty’s One California Plaza

Here’s what tenants pay at Colony Capital & Rising Realty’s One California Plaza
Korean Air chairman and CEO Walter Cho Won-tae and the Wilshire Grand Center at 900 Wilshire Boulevard (Credit: Jae Joon Lee via Wikipedia and Fredchang931124 via Wikipedia)

Korean Air eyes sale of Wilshire Grand

Korean Air eyes sale of Wilshire Grand
OUE Limited executive chairman and CEO Stephen Riady and Silverstein Properties’ Larry Silverstein, with US Bank Tower at 633 West Fifth Street (Credit: Spencer Platt/Getty Images, and Wikipedia)

“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy

“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...