April 21, 2016
An affiliate of Los Angeles-based CBRE Global Investors acquired a 174,084-square-foot building on L.A.’s Westside from Univision Television Group Inc. for $102 million. The Spanish-language broadcaster executed a nearly 104,500-square-foot sale lease-back to remain at the property until 2026.
CBRE Global Investors’ Gardner Ellner says “we’re able to get back” roughly 70,000 square feet of space that’s “never seen the market, ever” since the building was constructed in 2000 as a build-to-suit for Univision.
Univision was viewed as a “great, long-term partner” that occupies “mission-critical space.” CBRE GI likes having an influential national news organization that reaches a large and increasing demographic as a tenant.
The new owner plans capital improvements in the lobby and exterior spaces designed to create a more efficient, collaborative and engaging office environment. Among the ideas being explored at the 3.86-acre site include a glass-walled lounge overlooking the 405 freeway, fire pits, and a bocce ball pit.
HFF’s Ryan Gallagher and Andrew Harper represented the seller in the transaction. The buyer was self-represented.