DreamWorks Campus Back on the Market
Less than two weeks after we told you SunTrust Equity Funding, which is affiliated with SunTrust Banks in Atlanta, purchased the sprawling Glendale campus for $185M, the bank has put it back to market, according to Bloomberg. 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 last month he's confident recent restructuring, which included layoffs, will get the company back on track.
CBRE is handling the marketing for the 497k SF campus, which is comprised of six buildings, in addition to food concessions and significant outdoor space. DreamWorks has been hammered at the box office the last couple of years, even leading to several rumors it could be bought. [Bloomberg]