Dreamworks’ Glendale Campus To Be Sold (Again) For $327M
The present homeowners acquired the campus in 2017 from Griffin Capital for $297 million, and put it up on the market earlier this year. They had been anticipated to promote it for roughly $350 million, Bisnow reported on the time.
The campus, which is positioned at 1000 Flower Avenue in Glendale, was in-built 1997 in a mock-Tuscan fashion. In early 2015, a cash-strapped Dreamworks sold it for $185 million to Suntrust Banks, which promptly flipped it, selling it on to Griffin for $215M.
Because the demand for content material (animated and in any other case) surges, the demand from manufacturing firms and property buyers for studio house is rising too. Final 12 months, Netflix leased 171,000 sq. ft in Burbank, subsequent to Glendale, for its younger animation studio. Final month, it was introduced that Warner Bros. will promote its Ranch Studio in Burbank, then lease it again from its new homeowners after a serious redevelopment.
Brookfield, a serious industrial property proprietor in Southern California, is new to the studio market.