SunTrust Makes a Killing on Quick DreamWorks Campus Flip
Just five months after paying $185M for the sprawling Glendale campus of DreamWorks Animation, an affiliate of SunTrust Banks in Atlanta has sold the 497k SF campus to Griffin Capital Essential Asset REIT for $215M. When the animation studio first sold the campus to SunTrust in February, CEO Jeffrey Katzenberg said after disappointing earnings he's confident recent restructuring, which included layoffs, will get the company back on track.
The campus 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.