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11/21/17
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In a major entertainment industry real estate buy, Hana Asset Management and OceanWest have teamed up in the $290 mil purchase of DreamWorks Animation’s Headquarters and Studio Campus, a 460k sf ($630/sf), creative office campus in Glendale. The property is 100%, NNN-leased through 2035 to DreamWorks Animation SKG Inc, a wholly-owned subsidiary of Comcast Corporation.
Built in 1997 and situated on approximately 15 acres at 1000 Flower St, just east of I-5 and north of the 134 Fwy, the iconic DreamWorks Animation Studios includes five buildings. The Mediterranean-styled campus features landscaped courtyards, a manmade river, library, fitness center, and screening room, among other amenities.
The asset was sold by The GC Net Lease (Glendale) Investors LLC, an entity of Griffin Capital Company LLC. Griffin Capital acquired the property in July 2015 for $215 mil, prior to the acquisition of DreamWorks by Comcast Corporation in August 2016.
Kevin Shannon, Ken White and Laura Stumm with NKF Capital Markets represented the seller in the deal. The buyer, LA Hana OW LLC, represented itself in the transaction.
We’re told this is viewed as a long-term hold for the buyer, who plans to enjoy strong cash flows from a credit tenant, enhanced by favorable debt. David Milestone and Brett Green, also with NKF Capital Markets, arranged the financing on behalf of the buyer.
“We have seen strong interest by foreign capital for Class A, long-term net-leased assets on the West Coast,” said Shannon. “This is another example of Asian capital targeting Los Angeles for direct investment. This single-tenant asset type is much harder to come by in Los Angeles compared to San Francisco, Silicon Valley and Seattle. It was a great opportunity for Hana and OceanWest.”
DreamWorks creates high-quality entertainment including CG animated feature films, television series and live entertainment for audiences around the world. DreamWorks Animation Studios is located within the iconic Media District – commonly referred to as the Entertainment Capital of the World. The Media District is home to a concentration of major studio production headquarters, entertainment and media focused companies including Disney/ABC and Warner Bros.
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