A South Korean video game developer is doubling down on the Los Angeles area.
Nexon America, the U.S. offshoot of South Korean game developer and publisher Nexon, renewed its lease for 49,000 square feet at the 621 Hawaii Street building in El Segundo, Commercial Observer reported. The lease has been extended through 2033 and is valued at approximately $15 million.
The building’s landlord, BLT Enterprises, bought the property in 2022 from Montana Avenue Capital for $27.3 million. Nexon has maintained an American headquarters in El Segundo since 2009, though the firm moved to its current home in 2018. The company relocated its global headquarters from Seoul to Tokyo in 2005.
Colliers’ Steve Solomon and Kristen Bowman represented BLT Enterprises in the lease talks, while Cushman & Wakefield’s Greg Lovett represented Nexon.
El Segundo has shed its previous image as an oil capital to welcome tenants across sectors from aerospace and tech to media and entertainment.
Video game giant Square Enix, for example, has its North American headquarters at 999 North Pacific Coast Highway, owned by Kilroy Realty. Activision Blizzard, another major player in video games, has an office in Beacon Capital Partners’ 100 North Pacific Coast Highway building in addition to its Santa Monica headquarters.
Media marketing agency Canvas Worldwide joined the migration to El Segundo with the relocation of its West Coast headquarters from Playa Vista to LAX-adjacent El Segundo in September. The lease for the Frank Gehry-designed offices, at 2330 Utah Avenue, increased the company’s space by 48 percent, to 68,300 square feet from 36,000 square feet.
Food Robotics startup Shinkei Systems doubled its headquarters space in the city in September with a 15,000-square-foot lease at the Standard Works industrial campus at 1301 El Segundo Boulevard. In August, KPMG signed on for 50,000 square feet at the Plaza at Continental Park office complex at 2101 Rosecrans Avenue.
Even sports teams are getting in on the action in the seaside enclave. The Los Angeles Sparks plan to build a 55,000-square-foot headquarters and practice facility at Continental Park. It will cost $150 million to build, making it the first facility solely dedicated to the three-time WNBA champs.
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