LOS ANGELES—CBRE Global Investors has acquired the Univision Building from Univision TV Group for $102 million. The 174,084-square-foot property is located in the Howard Hughes Center at 5999 Center Dr. in Los Angeles. Univision also included a lease-back in the sale agreement, and will occupy 105,000 square feet through 2026. The lease brings the property to 60% occupancy.
Location played a huge role in CBRE's decision to acquire the asset. “I like the Playa Vista market in general, and that market is pretty much built out at this point,” Gardner Ellner, western region acquisitions director of CBRE Global Investors, tells GlobeSt.com. “It is right on the 405 freeway, so we have great access, and we think we are really the gateway to Playa Vista in that sense. I also like that pocket market. The micro market has 1,000 apartment units coming, which is totally going to change the vibe of that little pocket itself.”
But, the strength of Univision as an in-place tenant with a 10-year lease definitely sweetened the opportunity. “We are really happy to have them as a tenant there,” adds Ellner. “They are one of the top Hispanic television stations in the United States, and we have and increasing Hispanic demographic in Southern California. We think this is a great opportunity to partner with a company like Univision.”
The property was built in 2000, and Univision purchased it in 2004 for $52.5 million. While the property is in good condition, CBRE Global Investors plans to invest an additional $2 million, estimated by Ellner, to update the lobby and common areas as well as the landscaping. “We plan to put in a synergistic tenant,” Ellner says. “We are going to do a capital campaign in the lobby and improve the courtyard into more of a work-play environment.”
Ryan Gallagher and Andrew Harper of HFF represented the seller in the transaction. We have reached out to them for comment as well, and will update the story with any further information on the deal.
The Howard Hughes Center is a mixed-use campus that includes office and a retail center, the Promenade at Howard Hughes. The Laurus Corp. is currently rolling out a $30 million renovation of the retail portion, to create a community-gathering place that fits the changing retail landscape and moves away from anchor tenants. That project will only further enhance the area.
LOS ANGELES—CBRE Global Investors has acquired the Univision Building from Univision TV Group for $102 million. The 174,084-square-foot property is located in the Howard Hughes Center at 5999 Center Dr. in Los Angeles. Univision also included a lease-back in the sale agreement, and will occupy 105,000 square feet through 2026. The lease brings the property to 60% occupancy.
Location played a huge role in CBRE's decision to acquire the asset. “I like the Playa Vista market in general, and that market is pretty much built out at this point,” Gardner Ellner, western region acquisitions director of CBRE Global Investors, tells GlobeSt.com. “It is right on the 405 freeway, so we have great access, and we think we are really the gateway to Playa Vista in that sense. I also like that pocket market. The micro market has 1,000 apartment units coming, which is totally going to change the vibe of that little pocket itself.”
But, the strength of Univision as an in-place tenant with a 10-year lease definitely sweetened the opportunity. “We are really happy to have them as a tenant there,” adds Ellner. “They are one of the top Hispanic television stations in the United States, and we have and increasing Hispanic demographic in Southern California. We think this is a great opportunity to partner with a company like Univision.”
The property was built in 2000, and Univision purchased it in 2004 for $52.5 million. While the property is in good condition, CBRE Global Investors plans to invest an additional $2 million, estimated by Ellner, to update the lobby and common areas as well as the landscaping. “We plan to put in a synergistic tenant,” Ellner says. “We are going to do a capital campaign in the lobby and improve the courtyard into more of a work-play environment.”
Ryan Gallagher and Andrew Harper of HFF represented the seller in the transaction. We have reached out to them for comment as well, and will update the story with any further information on the deal.
The Howard Hughes Center is a mixed-use campus that includes office and a retail center, the Promenade at Howard Hughes. The Laurus Corp. is currently rolling out a $30 million renovation of the retail portion, to create a community-gathering place that fits the changing retail landscape and moves away from anchor tenants. That project will only further enhance the area.
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