DreamWorks Animation re-sells its 13-acre Glendale campus under a deal worth $15 million to the cash-strapped studio led by Jeffrey Katzenberg.
DreamWorks Animation has sold its 13-acre Glendale campus again, according to a report by The Hollywood Reporter, just five months after selling it to a unit of SunTrust Banks for $185 million.
The sale is part of DWA’s restructuring plans announced in January that saw the loss of 500 jobs and the shuttering of the studio’s prestigious PDI facility. The restructuring also included the appointment of DWA co-presidents Bonnie Arnold and Mireille Soria.
The studio will remain the Glendale property's tenant paying annual rent of $13.2 million initially, then rising 1.5 percent each year. The term of the lease is 20 years with renewal options every five years.
SunTrust reportedly sold the property to Griffin Capital Essential Asset REIT for $215 million. Because of a "sharing agreement" built into the sale to SunTrust in February, DreamWorks Animation will receive half of the profit, which amounts to $15 million.
The cash-strapped studio led by Jeffrey Katzenberg posted a $54.8 million loss for the period ended March 31, 2015, and is expected to announce Q2 results on August 4.