Brookfield Breaks Into Hollywood With DreamWorks Animation Studios: UPDATED
UPDATED: Brookfield Properties is now the latest national firm to take a stake in the rapidly expanding content-creation machine that is Hollywood.
Sources confirmed to Commercial Observer that the investment firm is set to acquire the headquarters for DreamWorks Animation from Hana Asset Management and Ocean West Capital Partners. Real Estate Alert first reported the deal, valued at $327 million.
DreamWorks, Hana and Ocean West did not respond to requests for comment for this story. Brookfield declined to comment.
The seven-building animation studio includes 450,000 square feet at 1000 Flower Street in Glendale. Records show the property last sold for the at $297 million about five years ago.
The acquisition brings Brookfield into the era-defining race for production space in the entertainment capital of the world. From Warner Bros.’ Ranch Studio last month, to Hackman Capital’s $1.25 billion redevelopment of Television City, and Hudson Pacific Properties’ massive expansion plans with Blackstone, different institutional firms have flocked to Los Angeles over the past two years to develop several million square feet of new sound stages and accompanying office and support space.
Brookfield is one of the largest commercial landlords in Southern California. Its portfolio includes several big buildings downtown, including the 2.4 million-square-foot Wells Fargo Center and the 2 million-square-foot California Market Center.
Gregory Cornfield can be reached at email@example.com.
Correction: This story has been updated with the correct sales price.