Newmark Facilitates $327 Million Sale of DreamWorks Animation Headquarters Campus in Glendale, CA
Newmark has successfully facilitated the sale of the DreamWorks Animation headquarters in Glendale, California, for $327 million. This 14.7-acre campus, comprising 497,403 square feet, is fully leased to DreamWorks Animation through 2035. The transaction signifies strong interest in high-quality office spaces, with nearly 30 buyer tours conducted. Newmark's expertise in capital markets was highlighted in this deal, showcasing the resilience of the Los Angeles office market amid rising demand for studio spaces.
- The sale of DreamWorks headquarters for $327 million indicates strong demand for quality commercial properties.
- The property is fully leased to a major tenant until 2035, providing stable cash flow.
- The transaction attracted nearly 30 buyer tours, reflecting high market interest.
- None.
LOS ANGELES, Dec. 21, 2021 /PRNewswire/ -- Newmark1 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
Newmark 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 ("Brookfield REIT").
"This opportunity combined many of the investment themes currently driving successful office market trades in Los Angeles," said Shannon. "This 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."
Stumm added, "Situated on nearly 15-acres within Los Angeles's 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."
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 Newmark Research. Rents in Burbank's 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
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's 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's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of
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1 Dba Newmark Knight Frank in California
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