Major purchase in San Fernando Valley

Comcast purchased a building adjacent to Universal Studios.

It's new heights for the Comcast Corporation, a global media and technology company with multiple cable stations throughout the nation.

Looking to consolidate its Los Angeles-based operations, Comcast purchased the tallest office building in the San Fernando Valley for its NBCUniversal division, according to the Los Angeles Times.
Comcast bought 10 City Plaza, a 35-story building that's right across from the headquarters of Universal Pictures and Universal Studios Hollywood theme park.

"NBCUniversal continues to explore real estate opportunities as they arise near its ongoing business operations in Universal City," the company said in a statement. "The company proceeded with purchasing 10 UCP given the current market conditions, the building is at the gateway to our property, and NBCUniversal is currently the majority tenant."

The property sold for $420 million, according to the Los Angeles Times, and Comcast's NBCUniversal unit is the largest tenant at the property.

The seller, Normandy Real Estate Partners, closed the deal with Comcast on Oct. 1. The building sold for about $516 per square foot, making it one of the largest commercial real estate transactions in Los Angeles County in 2013.

According to Deadline, the real estate purchase will not affect NBCUniversal's 25-year Evolution Plan. The companies 25-year strategy features the construction of The Wizarding World of Harry Potter themed land at Universal Studios, as well as office space, production facilities and upgraded TV lots.

What to do with the space?
The options are limitless, but according to the Los Angeles Times, Comcast could potentially move various NBCUniversal units to the 35-story building.

Data from real estate firm CoStar Group shows the building has plenty of space. According to CoStar Group,  the granite tower has 813,892 square feet of space and is just more than 70 percent leased. Approximately 238,000 square feet is available for rent.

One of the NBCUniversal channels that could move to the new space is E!, which currently leases 344,000 square feet at 5750 Wilshire Blvd.

Skidmore, Owings & Merrill was the architecture firm that designed the 35-story tower. It was built in 1984 by Getty Oil Co. A former parent of NBCUniversal, Vivendi Universal, once owned the building but sold it in 2003 to Beacon Capital Partners and CarrAmerica Realty Corp. for $190 million.

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