Univision Sells its West Coast HQ to CBRE Global Investors
- Apr 29, 2016
By Alex Girda, Associate Editor
Los Angeles—The Univision Building was recently acquired by CBRE Global Investors’ U.S. Managed Accounts Group on behalf of one of its separate account clients. Following the acquisition, an immediate lease-back agreement was completed with seller Univision, with the broadcaster set to occupy the property for the next decade. The transaction total was around $102 million, boiling down to a price of $586 per square foot.
Part of the Howard Hughes Center at 5999 Center Drive, the property offers a total of 174,084 square feet of space. Developed in 2000, the Univision Building is operating at 61.5 percent occupancy, in a highly desirable submarket. The Silicon Beach area of the L.A. metro has become one of the hottest tech areas in the country, amassing companies from a wide variety of sectors such as media, entertainment, electronic gaming, advertising, biomedicine and green tech. The submarket now benefits from a highly educated workforce, a dynamic concentration of tenants, as well as heightened demand for space, and offers proximity to LAX.
The property is home to Univision’s West Coast offices and houses state-of-the-art digital broadcasting equipment, satellite transmission facilities, and SoCal radio stations along with corporate office space. The property’s large floor plates make it attractive to the profile of tenant that the new owner will be looking for. A capital improvements program is slated for the facility as the new owner looks to bolster occupancy. A new lobby, a tenant lounge, and event space, as well as outdoor amenities will be added in a push to attract creative tenants.
Image courtesy of Yardi Matrix.