LOS ANGELES—Griffin Capital Essential Asset REIT has purchased the DreamWorks Animation Headquarters and Studio for $215 million from SunTrust Equity Funding, an affiliate of SunTrust Banks. The property has five buildings and a total of 416,000 square feet, and is leased to DreamWorks Animation SKG on a triple net lease for 20 years with 1.5% annual base rental increases.

The site has a remarkable history. SunTrust Equity purchased the property five months ago from DreamWorks Animation for $185 million. DreamWorks was selling the property to increase its liquidity. According to sources unrelated to the deal, DreamWorks will receive 50% of the proceeds, $15 million, from the transaction, per an agreement with SunTrust in the original transaction to share profits on a future sale of the property.

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