CBRE Global buys Los Angeles office building
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.
Terms of the transaction were not disclosed; however, Real Capital Analytics estimates the sales price to be $102 million. The seller is Univision TV Group, which acquired the office building in 2004 for $52.5 million.
The building is 61.5 percent occupied. Located at 5999 Center Drive, the office is part of the mixed-use Howard Hughes Center. Constructed in 2000, the building serves as Univision’s West Coast headquarters and houses the firm’s state-of-the-art digital broadcasting studios, satellite transmission facilities and Southern California radio stations along with corporate office space.
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