CBRE Global Investors' U.S. Managed Accounts Group announced that it has purchased the Univision Building in Los Angeles, a 174,084 square foot Class A office building that serves a sUnivision's West Coast headquarters, on behalf of a separate account client. According to a Biznow report, the building was sold by Univision TV Group for $102 million, or about $586 per square foot; Univision purchased it in 2004 for $52.5 million. The sale closed April 1, the same day Univision signed a lease-back agreement with CBREI that ensures it will remain at the building until 2026. Ryan Gallagher and Andrew Harper of HFF represented Univision in the deal; CBRE's representation was not disclosed.
Originally built in 2000, the office building at 5999 Center Drive West is part of the mixed-use Howard Hughes Center complex in a submarket which is the hub for Los Angeles' growing technology market, and one of the strongest office markets in the Los Angeles metro. The property was 61.5% leased at the time of sale; CBRE revealed a capital improvement plan for the building to include an additional $2 million renovating the lobby with a tenant lounge and event area, along with a work/play outdoor space to appeal to creative tenants.
"Playa Vista has emerged as the dynamic hub of creative and tech tenancy in SoCal and is nearly fully leased," said Gardner Ellner, Acquisitions Director, CBRE Global Investors U.S. Managed Accounts Group. "The Univision Building is the next project in the path of growth for creative tenants looking to access the amenity base of Playa Vista and the young, creative workforce that resides there. It is well-positioned to appeal to those tenants by providing an engaging environment to work, direct access to the freeway and proximity to a wealth of amenities."
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