10 Universal City Plaza, Universal City, CA
- 780,000 rentable sf
The tallest building in the San Fernando Valley, 10 Universal City Plaza is a 36-story granite clad office tower within the Universal City / Burbank Media District submarket of Los Angeles originally built as the headquarters of Getty Oil. Normandy acquired the distressed equity interests in 10 Universal City Plaza through a mezzanine loan foreclosure process at a significant discount to replacement cost. After acquisition, Normandy stabilized the property by executing a twelve year lease extension for a majority of the space in the building with NBC Universal. Two years after acquisition Normandy recapitalized the property with Morgan Stanley Prime Property Fund while retaining a majority ownership stake and completed lobby upgrades, improvements to the amenities, and installing new signage throughout the property. The property was eventually sold to NBC Universal (Comcast).