Newmark has completed the $290 million sale of DreamWorks Animation’s Headquarters and Studio Campus, a 460,000-square-foot creative office campus in Glendale, CA. The property is 100 percent triple-net leased through 2035 to DreamWorks Animation SKG, Inc., a wholly-owned subsidiary of Comcast Corporation.
Newmark Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White and Managing Director Laura Stumm represented the seller, The GC Net Lease (Glendale) Investors, LLC, an entity of Griffin Capital Company, LLC. Griffin Capital acquired the property in July 2015 for $215 million prior to the acquisition of DreamWorks by Comcast Corporation in August 2016. The buyer, LA Hana OW, LLC, an entity of Hana Asset Management and Ocean West, was self-represented. This is a long-term hold for the buyer, who plans to enjoy strong cash flows from a credit tenant, enhanced by favorable debt. Newmark Capital Markets Executive Managing Director David Milestone and Managing Director Brett Green 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 Ocean West.”
Built in 1997 and situated on approximately 15 acres at 1000 Flower Street, 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.
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.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; Newmark Capital Markets services, including investment sales, debt placement, valuation and advisory services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.