Foreign Investor Picks Up Dreamworks Campus

DreamWorks Campus

A foreign investor has acquired the DreamWorks Campus in Glendale for $290 million. A joint venture between Chinese investor Hana Asset Management and OceanWest purchased the property from Griffin Capital Co., which acquired the 460,000-square-foot office campus in 2015 for $215 million. Asian capital is highly attracted to large, single-tenant office assets in West Coast gateway markets, and the brokerage team, led by Kevin Shannon, West Coast Capital markets president at NKF, assumed that the property would go to a foreign buyer early on in the sale process.

“This offering was never broadly launched,” Shannon tells GlobeSt.com. “NKF has had tremendous success in 2017 selling several large single tenant deals, which never had a formal broad marketing program. These include the Urban Union and Dexter Station sales in Seattle and Centre 425 in Bellevue, which were class-A office assets leased to Amazon and Facebook totaling $868 million. We have another major single tenant office deal under contract currently on the West Coast off market as well. Over 80% of the potential buyers on these deals were foreign buyers primarily from Asia and Europe. These buyers love looking at these types of assets off market. We knew Hana would be an aggressive buyer for DreamWorks given our extensive recent experience with similar profile deals. We always expected the buyer would be foreign for DreamWorks.”