The Real Deal Los Angeles

South Korean investment firm is buying DreamWorks HQ in Glendale: report

Ocean West Capital is the partner on the deal
September 26, 2017 01:45PM

Kim Jung-tai and DreamWorks Animation’s headquarters at 1000 Flower Street (Credit: Griffin Capital, Hana Financial Group)

Hana Asset Management and partner Ocean West Capital are in advanced talks to acquire DreamWorks Animation’s 485,000-square-foot headquarters in Glendale in a deal that is expected to close next month.

Hana, a South Korean investment management firm and Santa Monica-based Ocean West agreed to pay the seller, El Segundo-based Griffin Capital, roughly $290 million, or just under $600 a square foot, for the six-building campus at 1000 Flower Street, REAlert reported.

Newmark Knight Frank is brokering the sale.

A subsidiary of SunTrust acquired the property in 2015 from DreamWorks for $185 million. Part of the deal was a leaseback agreement that allowed Dreamworks to stay in its studios until 2035. Five months later, SunTrust sold the campus to Griffin for about $215 million. [REAlert] — Hannah Miet