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Griffin Capital Essential Asset REIT sells Calif. asset for $290M

Griffin Capital Essential Asset REIT Inc. sold DreamWorks Animation's Headquarters and Studio Campus in Glendale, Calif., for $290 million.

The company will use proceeds from the sale of the five-building, 460,000-square-foot property for a series of 1031 exchanges, according to a release. The identity of the seller, represented by Newmark Grubb Knight Frank, was not disclosed.

In September, Griffin Capital Essential Asset REIT was reported to be in advanced talks with Hana Asset Management and Ocean West Capital for the sale.

The real estate investment trust bought the asset for $215 million in July 2015.