Vital Statistics
Property Address: DreamWorks Animation HQ, 1000 Flower Street, Glendale
Square Footage: 497,403
Deal Value: $327 million
The sale of DreamWorks, a 14.7-acre headquarters campus in Glendale, was among the top office sales in Los Angeles County in 2021. The seven building, 497,403-square-foot creative office campus is 100% leased to DreamWorks Animation and sold for $327 million.
Newmark co-head of U.S. capital markets Kevin Shannon, vice chairman Alex Foshay, executive managing directors Ken White and Rob Hannan and senior managing director Laura Stumm represented the seller, LA Hana OW, an entity of Hana Asset Management and OceanWest Capital Partners. The buyer was Brookfield Real Estate Investment Trust.
This DreamWorks HQ opportunity offered credit, WALT and a content creation tenant with studio space which resulted in extraordinary interest as shown by nearly 30 separate buyer tours. The property, located at 1000 Flower Street, features landscaped courtyards, rivers and koi ponds, onsite commissary, 165-seat theater, motion capture studio, recording studio, green rooms, medical clinic, library and helipad.
Vital Statistics
Property Address: Southern California Innovation Park, Rye Canyon Loop, Santa Clarita
Square Footage: 15-building
Deal Value: $225.5 million
The Newmark team of Kevin Shannon, Rob Hannan, Ken White and Laura Stumm represented the seller, funds managed by Oaktree Capital Management, L.P. and Intertex Companies, in both transactions. The 14-building mixed-use campus sold to Oxford Properties for $133.5 million. Situated on 118.5 acres, the campus allows for additional development provided via a development agreement. At the time of sale, the existing properties were well leased to a variety of companies in the life science, entertainment and industrial industries. The 15th building, which is fully occupied by Boston Scientific, and part of the greater Southern California Innovation Park campus, sold to Cantor Fitzgerald for $92 million.
Vital Statistics (TIE)
Property Address: 2 N Lake Downtown Pasadena, 2 N Lake Ave, 911 E Colorado Blvd, 902 Boston Ct., Pasadena
Square Footage: 242,012
Deal Value: $80 million
Cushman & Wakefield brokered the $80 million sale of a three-building office portfolio. The portfolio comprises an 11-story, a three-story and a small one-story building plus a six-story parking garage located at the intersection of North Lake Ave and East Colorado Blvd. The buildings, two of which have existed in downtown for more than and near a century, were collectively 63% leased to a diverse roster consisting of marketing, financial medical, legal, tech and other professional office tenants.
Vital Statistics (TIE)
Property Address: The Switchyard, 500 & 540 S. Santa Fe Avenue, Los Angeles
Square Footage: 150,451
Deal Value: $80 million
Cushman & Wakefield brokered the sale of The Switchyard, a 150,451 square foot Class A creative office campus located in the Arts District of Los Angeles, California. San Francisco-based SteelWave acquired the modern two-building campus developed recently in two phases over the past decade from Los Angeles-based CEG Construction for $80 million. The buildings were vacant at the time of sale.
