Univision Building Trades for $102M

The building is 60% occupied by Univision.

LOS ANGELES—CBRE Global Investors has acquired the Univision Building from Univision TV Group for $102 million. The 174,084-square-foot property is located in the Howard Hughes Center at 5999 Center Dr. in Los Angeles. Univision also included a lease-back in the sale agreement, and will occupy 105,000 square feet through 2026.  The lease brings the property to 60% occupancy.

Location played a huge role in CBRE’s decision to acquire the asset. “I like the Playa Vista market in general, and that market is pretty much built out at this point,” Gardner Ellner, western region acquisitions director of CBRE Global Investors, tells GlobeSt.com. “It is right on the 405 freeway, so we have great access, and we think we are really the gateway to Playa Vista in that sense. I also like that pocket market. The micro market has 1,000 apartment units coming, which is totally going to change the vibe of that little pocket itself.”