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DreamWorks Animation's headquarters and studio campus in Glendale has sold for $290M.
The 460K SF creative office campus is 100% triple-net leased through 2035 to DreamWorks Animation SKG, a wholly owned subsidiary of Comcast Corp.
Griffin Capital Co.'s GC Net Lease Investors sold the property to LA Hana OW LLC, an entity of Hana Asset Management and OceanWest. Griffin Capital had purchased the campus in 2015 for $215M.
The five-building property sits on 15 acres at 1000 Flower St. NKF's Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White and Managing Director Laura Stumm represented the seller.
“We have seen strong interest by foreign capital for Class-A, long-term net-leased assets on the West Coast,” Shannon said in a statement. “This is another example of Asian capital targeting Los Angeles for direct investment."
The DreamWorks property is a long-term hold for the buyer due to its strong cash flows from a credit tenant and favorable debt.
The buyer represented itself. NKF Capital Markets Executive Managing Director David Milestone and Managing Director Brett Green arranged the financing for the buyer.
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