
If selling $175 Richie Rich hoodies doesn’t work out for them, DreamWorks Animation may have found a viable business: real estate.
Five months after the animation studio sold its 15-acre Glendale campus to SunTrust Banks for $185 million, SunTrust has flipped the property to Griffin Capital for $215 million, a cool profit of $30 million.
Despite a string of money-losing movies that encouraged the animation company to sell its campus in the first place, the studio’s 5-building, 460,000-square-foot Tuscan-inspired campus is turning out to be a consistent moneymaker. According to Variety, DreamWorks has a 50/50 profit sharing agreement with SunTrust that allows them to partake in the additional proceeds of the resale.