(Park Hyun-koo/The Korea Herald)

JYP Entertainment Corp. said Thursday it has acquired a property worth 20.2 billion won ($18 million) in eastern Seoul to be used as its new company office.

It said in a regulatory filing that the purchase was made to secure property for its new building. Its headquarters is currently located in Cheongdam, a suburb of the upscale Gangnam Ward.

The company said it plans to have all of its staff move into a single building to promote efficiency.

The leading South Korean entertainment agency, run by singer and producer Park Jin-young, has a large portfolio of popular K-pop celebrities, including girl groups TWICE and Miss A. (Yonhap)