Brookfield REIT has acquired the DreamWorks Animation Campus in Glendale, California, for $326.5 million from a joint venture between Hana Asset Management and Ocean West Capital Partners. With this acquisition along with two others that also closed this month, Brookfield REIT's total asset value has reached $1.5 billion.

Located at 1000 Flower Street, the seven-building campus is on 15 acres and totals 497,403 square feet. Brookfield announced plans to purchase the property in early November. The acquisition is Brookfield's entry in to studio assets, which have grown in popularity over the last two years due to the streaming wars.

The pandemic amplified an already hot studio real estate market. In the last two years, filming and production studios have quickly becoming the darling of the Los Angeles real estate market, according to research from CBRE. The global entertainment market has contributed to a 1.2 million-square-foot pipeline of new studio space development and occupancy of existing spaces has stayed above 95%. During quarantine, there was a substantial increase in media consumption, companies are spending vast sums of money to build out their content libraries as they engage in the streaming war, says Eric Willett, regional director of research at CBRE.