Just a day after announcing it planned to sell its massive Glendale HQ in a regulatory filing, DreamWorks Animation has said the buyer is SunTrust Equity Funding, which is affiliated with SunTrust Banks in Atlanta. DreamWorks has a 20-year lease in place with the new landlord that starts around $13.2M and increases each year. CEO Jeffrey Katzenberg said in the company's disappointing earnings this week he's confident recent restructuring, which included layoffs, will get the company back on track.
The sprawling campus on Flower St is 10 buildings and more than 400k SF spread across nearly 15 acres. The company has been hammered at the box office the last couple years, even leading to several rumors it could be bought.
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