Brookfield Buying DreamWorks HQ In Glendale For $327M
Shortly after being listed for sale, the DreamWorks Animation headquarters in Glendale is under contract for $327M, Bisnow has confirmed.
The buyer, Brookfield, is set to close on the sale next month, sources with knowledge of the deal confirmed. The Real Deal first reported the news.
Owners Hana Asset Management, which is based in Seoul, and El Segundo-based Ocean West Capital Partners purchased the seven-building, nearly 500K SF property in 2017 for $297M, property records show. The property was listed for sale in May; an asking price wasn't disclosed, but market watchers expected the property to sell for as much as $350M.
DreamWorks Animation has a lease at the property until 2035, Green Street reported in May.
LA properties that appeal to media and entertainment tenants have been the focus of intense investment as the demand for content surged during and following the coronavirus pandemic.
In January, Hackman Capital Partners paid $160M for the Sony Pictures Animation campus in Culver City, an area where streaming content companies including Apple, Amazon and HBO have set up shop and boosted demand for office space.
In neighboring Burbank in late 2020, Netflix signed a 171K SF lease for office to set up an animation studio. Worthe Real Estate Group and Stockbridge Real Estate last month announced they are buying the Warner Bros. Ranch, also in Burbank, and spendiging more than $500M to redevelop the space with new soundstages. The duo is also developing a Frank Gehry-designed 800K expansion at Burbank Studios.
The purchase is Brookfield’s first studio property, The Real Deal noted.
