Property values are rising in Glendale: Griffin Capital just paid $215 million to Sun Trust Equity for DreamWorks Animation’s 14.7-acre campus there — five months after Sun Trust paid DWA $185 million for the site.
The studio sold the property as part of a restructuring, announced in February, designed to improve its liquidity after a string of its films resulted in write-downs.
DWA benefits from the transaction. It has a 50-50 profit sharing agreement with SunTrust.
The studio’s employees can relax. DWA has a lease enabling it to stay for 20 years, with four renewal options each running five years. It pays $13.2 million a year, increasing 1.5% a year.
Griffin Capital’s Director of Acquisitions Louis Sohn calls the property a “one-of-a-kind asset, with a rich array of high-quality improvements that are not typically seen at an office campus.”
DWA built the site in 1997, and expanded it in 2010. It includes 460,000 square feet of office space, and has a cafeteria, training rooms and a Starbucks.