December 21, 2021 9:00 AM
星空体育app下载[1] announced the sale of DreamWorks, a 14.7-acre headquarters campus in Glendale, California. The seven building, 497,403-square-foot creative office campus is 100% leased to DreamWorks Animation, a wholly owned subsidiary of Comcast Corporation, through 2035.
星空体育app下载 Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Alex Foshay, Executive Managing Directors Ken White and Rob Hannan and Senior Managing Director Laura Stumm represented the seller, LA Hana OW, an entity of Hana Asset Management and OceanWest Capital Partners. The buyer was Brookfield Real Estate Investment Trust (鈥淏rookfield REIT鈥�).
鈥淭his opportunity combined many of the investment themes currently driving successful office market trades in Los Angeles,鈥� said Shannon. 鈥淭his DreamWorks HQ opportunity offered credit, WALT and a content creation tenant with studio space which resulted in extraordinary interest as shown by nearly 30 separate buyer tours.鈥�
Stumm added, 鈥淪ituated on nearly 15-acres within Los Angeles鈥檚 thriving media district, the Campus is one of the most iconic headquarters destinations in Los Angeles. For over 24 years, it has provided DreamWorks with critical recording and animation infrastructure within a lush, park-like environment that invokes inspiration and innovation. The opportunity to acquire a critical media asset of scale is extremely rare, as indicated by the strong interest in this investment.鈥�
The property, located at 1000 Flower Street, features landscaped courtyards, rivers and koi ponds, onsite commissary, 165-seat theater, motion capture studio, recording studio, green rooms, medical clinic, library and helipad.
Insatiable demand for original content due to the pandemic and increased greenlit productions has created a scarcity of studio space throughout Los Angeles, according to 星空体育app下载 Research. Rents in Burbank鈥檚 Class A buildings have surpassed pre-COVID levels, demonstrating the resilience of the Media Triangle market. The Burbank Media District tenant velocity is expected to continue, tightening the current vacancy rate of 3.9% even further.
[1] Dba 星空体育app下载 Knight Frank in California
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星空体育app下载 Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (鈥溞强仗逵齛pp下载鈥�), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. 星空体育app下载鈥檚 comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform鈥檚 global reach with market intelligence in both established and emerging property markets, 星空体育app下载 provides superior service to clients across the industry spectrum. 星空体育app下载 generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. 星空体育app下载鈥檚 company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow .
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