The Glendale campus of DreamWorks Animation is up for sale.Hana Asset Management, one of South Korea’s largest financial groups, and L.A. asset manager Ocean West Capital Partners purchased the property in 2017 for $290 million. A source said that the campus at 1000 Flower St. – which consists of five buildings totaling 460,000 square feet of office space – will list for $350 million.Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan and Senior Managing Director Laura Stumm will serve as listing agents.“They’re selling it because the capital markets are perfect for what they have and interest rates are low,” Shannon said.Dotted with oak trees, streams and a koi pond, the campus was built in 1997, when then DreamWorks SKG was a movie studio founded by Steven Spielberg, Jeffrey Katzenberg and David Geffen. Katzenberg led spin-off DreamWorks Animation as a separate company in 2004.
The studio behind animation franchises “Shrek,” “How to Train Your Dragon” and “Kung Fu Panda” was acquired in 2016 by Comcast Corp.’s NBCUniversal for $3.8 billion.DreamWorks Animation will continue to occupy the 15-acre property. Shannon said that the studio has just under 14 years left on its lease.
$350 Million Price At DreamWorks Site
