Big Hit Entertainment, the management agency for K-pop boy band BTS, said Tuesday it plans to move into a new 19-story office building in central Seoul next May in accordance with its business expansion plan.

Big Hit and its affiliates will lease an entire building with 26 floors, including seven below ground, whose construction is to be completed in the Yongsan district by the end of this year, the company said.

"The office relocation has been planned in line with the company's rapid personnel and facility expansion. The new building will serve as a stronghold for its growth into a leading global enterprise," the company said.

It added that the new building will also feature special space for communication with fans.

Big Hit, which was established by producer Bang Si-hyuk in 2005, has achieved remarkable expansion due to the success of BTS and is said to be worth between 1.28 trillion won ($1.1 billion) and 2.28 trillion won. The company is currently headquartered on a single floor of an office building in Daechi-dong, southern Seoul.

Big Hit has aggressively expanded its business and manpower in recent years.

In March, the company and CJ ENM set up a 7 billion-won joint venture, named BELIFT LAB Inc., which specializes in fostering K-pop idol groups.

As part of its business diversification strategy, Big Hit last year established entertainment platform company beNX and another subsidiary in charge of publication business. (Yonhap)