The DreamWorks Animation campus in Glendale has been sold, going for $30 million more than it did just five months ago, and with the toon maker sharing in the additional proceeds.
Griffin Capital Essential Asset REIT bought the 15-acre, Tuscan-style property from a unit of SunTrust Banks Inc., paying $215 million, versus $185 million in late February.
DreamWorks officials described the initial sale as a financial maneuver that would help the company through a rough patch, after the poor performance of several films. But they said it was no reflection on the long-term prospects for the company.
A source familiar with the more recent transaction said DreamWorks has a 50/50 profit sharing agreement with Sun Trust on the resale, a deal arranged by the property company.
The deals allow DreamWorks, maker of films like “Croods” and “How to Train Your Dragon,” to remain a tenant at the sprawling Glendale facility on a 20-year lease. Yearly rent began at $13.2 million, with a provision for annual increase of 1.5% a year.