DreamWorks Animation campus has made $15 million dollars by re-selling its 13-acre Glendale campus again within just five months after their first deal with SunTrust Banks. It had sold its larger than life campus for a whooping amount of $185 million in February to overcome its losses incurred by poor performance at box office.
Griffin Capital Essential Asset REIT is now the new owner of the 460,000 square foot Tuscan-style property from a unit of SunTrust Banks Inc, paying $215 million. Because of a sharing agreement put up into the sale to SunTrust in February, DreamWorks Animation will now receive half of the profit, which amounts to a $15 million windfall for the previously cash-strapped studio.
DreamWorks Animation which has successfully delivered hits like, The Croods, How to train your Dragon, Shrek and many more in the past had to go through a rough patch when its babies, Mr. Pearbody and Sherman , Turbo and The Penguins of Madagascar underperformed.
This deal allows DreamWorks Animation to remain as a tenant on this vast campus for 20 years, with four renewal options each running five years. It pays $13.2 million a year, increasing 1.5 per cent a year. Founded by Steven Spielberg, Jeffrey Katzenberg and David Geffen, its Animation division, DWA, was founded in 2004 and has a 460,000 sq.ft campus spread across Glendale in California, USA also has an office space, a cafeteria, training rooms.