DreamWorks Animation’s big picture brightened considerably Thursday, with news that its headquarters has been sold for $215 million to Griffin Capital.
The sale of the 14.7-acre facility was a key part of the recovery strategy detailed by chief executive Jeffrey Katzenberg in January, along with 500 jobs cut and scaling back of its 2015 slate to just one film, following a $263 million loss in the fourth quarter of 2014.
The sale, which should net DWA around $107 million after it splits the proceeds with Sun Trust, to whom it sold the property in February for $185 million with the provision that the animation studio would share in proceeds from a subsequent transaction. ...
Five months back, I wondered about DreamWorks Animation selling its main campus. I thought: "Oh, this can't be good. DWA is now a renter, with no stake in the property."
Stupid me. The studio goes back on the market, and DWA collects more money now that Sun Trust has sold it. I would love to have that kind of deal with my house. Sell, and make money. And when the buyer sells, make money again.
But I guess this is why Mr. Katzenberg is rich, and I am ... something other than rich.