SAN FERNANDO, CA-Comcast Corp., a Philadelphia-based media conglomerate, has acquired the NBCUniversal headquarters building for $420 million. Normandy Real Estate Partners of Morristown, NJ, formerly owned the 35-story high rise, which is located at 10 University Plaza.

With 813,892 square feet, the per-square-foot purchase price of the building is $517, making the sale what is said to be the largest in the Valley and one of the largest in Los Angeles County since 2003. Located in a prime location, the building borders Universal Studios Hollywood theme park and Universal Studios' headquarters.

“This is massive,” says Troy Pollet, senior associate for CBRE, a tenant in the building. “No other investor would have paid this price, but it makes sense for them because of their presence in the building.” Pollet is referring to NBCUniversal, which Comcast Corp. recently purchased from General Electric Co. for $30 million.

The building is currently 71% leased. NBCUniversal is by far the building's largest tenant, occupying 425,000 square feet. For perspective, the second largest tenant is CBRE, which occupies 43,000 square feet of the building.

Although the size of this purchase is unique, the Sherman Oaks submarket overall has seen significant office activity and declining vacancy rates, GlobeSt.com reported in an earlier story. Compared to the second quarter of 2012, the current market's vacancy rate is down by 80 basis points.