Netmarble gaming company moving to Downtown LA from Buena Park
April 10, 2018
Netmarble Games Corp., a South Korean gaming and entertainment company, is moving its U.S. offices from Buena Park to downtown Los Angeles.
The Seoul-based company, with its U.S. operations currently housed in 5,900 square feet at 6131 Orangethorpe Ave., has leased 14,000 square feet at Onni Group‘s recently renovated office tower at 600 Wilshire Blvd. The move will place the company closer to its clients, which include The Walt Disney Co., Marvel Entertainment and Lucasfilm.
A staffing increase
Netmarble will occupy the 11th floor of the building and the company’s staffing is expected to grow to about 80 from 57. The new office is scheduled to be up and running by mid-year.
Chul Min Sim, general manager of NetMarble’s U.S. operations, is excited about the move.
“We look forward to moving to the heart of downtown Los Angeles and contributing to the technology innovation that has given rise to the resurgence of downtown as a creative and technology hub,” Sim said in a statement. “Close proximity to dining, amenities and a centralized location made the selection of our new office an easy one.”
Joel Rosen, Buena Park’s community development director, said the city wasn’t aware Netmarble was looking to move.
“We haven’t had much interaction with them, but I would have loved to have spoken to them because we have some good Class A space here in the city we could have helped them get,” he said. “We were a little surprised that they didn’t talk to us about wanting to move.”
Netmarble raised $2.3 billion last year in South Korea’s second-largest stock offering.
“Lineage 2: Revolution,” the company’s breakout mobile game, generated $924 million in revenue during the first 11 months of its global release. The multi-player, online role-playing game has more than 5 million users, according to the company.
The new home
With more than 300,000 square feet of space enclosed in a shiny, glass exterior, 600 Wilshire’s 17 floors house a diverse mix of tenants in the technology, media, fashion, legal and financial sectors. Andrew Tashjian, a broker with Cushman & Wakefield‘s downtown L.A. office, represented Onni in the lease.
“When Onni bought the building about four years ago it was half empty and had a bit of a stodgy tenant base, but Onni brought in a lot of excitement,” he said. “They have infused the building with life, energy and new amenities that include a gym with showers, a locker room and a conference center. They have built an atmosphere that caters to the desires of the creative tenants of the world.”
The building is about 95 percent occupied, according to Tashjian.
A hot commodity
Greg Lovett, a principal with the commercial real estate firm Cresa Los Angeles, assisted Netmarble with finding the site and with lease negotiations.
“We had six different landlords all vying for this tenant,” Lovett said. “If you look at the market value of their company … it’s huge. They are a creative company and downtown Los Angeles is really set up for these kinds of companies now with all kinds of amenities and restaurants. The 600 Wilshire building already has some tech tenants, but none of this size. They have a much bigger presence overseas.”
Netmarble is the latest high-profile company moving to downtown Los Angeles. Warner Music Group will soon be moving into a 257,000-square-foot former Ford factory in the downtown Arts District; shoe company Adidas has signed a lease to fill 31,000 square feet of space in the ROW DTLA complex; and music streaming service Spotify is close to leasing 100,000 square feet of space in the Arts District.