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CBRE Global Investors has bought the 174,084 SF Howard Hughes Center office building at 5999 Center Dr from Univision TV Group for $102M.
The building is in the Howard Hughes Center, which includes The Promenade at Howard Hughes Center, near the South Bay. The deal includes a leaseback agreement for 105k SF to be occupied until 2026, according to GlobeSt.
The lease brings the property to 60% occupancy. Univision bought the building in 2004 for $52.5M. CBRE has plans to update parts of the property, including common areas and the lobby.
HFF's Ryan Gallagher and Andrew Harper repped the seller. [GS]
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