LOS ANGELES – April 25, 2016 – CBRE Global Investors’ U.S. Managed Accounts Group has acquired the Univision Building in Los Angeles, a 174,084 square foot, Class A office building, on behalf of a separate account client.
Strategically located at 5999 Center Drive in the mixed-use Howard Hughes Center, the Univision Building benefits from excellent visibility to 615,000 vehicles per day off the I-405 San Diego Freeway, one of California’s most heavily-traveled freeways. Additionally, it is the gateway to the Playa Vista/Silicon Beach submarket, which is the hub for Los Angeles’ growing technology market and one of the strongest office markets in the Los Angeles metro. Silicon Beach has a rich retail amenity base, highly educated workforce, and a dynamic concentration of tenants that include media, entertainment, electronic gaming, technology, advertising, bio-medical and “green” technology companies. The property is also only a short drive to LAX Airport.
Constructed in 2000, the building serves as Univision’s West Coast headquarters and houses their state-of-the-art digital broadcasting studios, satellite transmission facilities, and Southern California radio stations along with corporate office space.
The building is 61.5 percent occupied, providing an excellent opportunity to lease vacant space in this highly desirable submarket. The investment team will complete a capital plan that includes renovating the lobby with a tenant lounge and event space and creating a work/play outdoor space that will appeal to creative tenants.
“Playa Vista has emerged as the dynamic hub of creative and tech tenancy in SoCal and is nearly fully leased,” said Gardner Ellner, Acquisitions Director, CBRE Global Investors U.S. Managed Accounts Group. “The Univision Building is the next project in the path of growth for creative tenants looking to access the amenity base of Playa Vista and the young, creative workforce that resides there. It is well-positioned to appeal to those tenants by providing an engaging environment to work, direct access to the freeway and proximity to a wealth of amenities.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.0 billion in assets under management* as of December 31, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.