Dreamworks’ Glendale Campus To Be Sold (Again) For $327M

Dreamworks Animation’s Glendale HQ is changing hands for the fourth time since 2015.

The seven-building campus, which comes in at around 450,000 square feet, will be purchased by New York-based Brookfield Properties, Real Estate Alert reports. The real estate firm will acquire the property for $327 million from South Korea’s Hana Asset Management and L.A.-based Ocean West Capital Partners.

Sources say the deal is expected to close next month. The site is leased to Dreamworks until 2035.

The current owners acquired the campus in 2017 from Griffin Capital for $297 million, and put it up for sale earlier this year. They were expected to sell it for roughly $350 million, Bisnow reported at the time.

The campus, which is located at 1000 Flower Street in Glendale, was built in 1997 in a mock-Tuscan style. 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.

As the demand for content (animated and otherwise) surges, the demand from production companies and property investors for studio space is rising too. Last year, Netflix leased 171,000 square feet in Burbank, next to Glendale, for its young animation studio. Last month, it was announced that Warner Bros. will sell its Ranch Studio in Burbank, then lease it back from its new owners after a major redevelopment.

Brookfield, a major commercial property owner in Southern California, is new to the studio market.