Univision Acquires Building in Westchester

Arden Realty Inc. sold a Westchester office building to Univision Communications Inc. for $52.5 million.

Arden, a real estate investment trust, completed the 161,650-square-foot building at 5999 Center Drive in Howard Hughes Center in 2001. It was a build-to-suit project for Spanish-language broadcaster Univision, which moved its television group into the building as a tenant.

The building cost $43.8 million to erect and the sale price reflects “a pretty good return,” said Craig Silvers, a real estate analyst with Bricks & Mortar Capital.

Silvers, who owns Arden stock, said the sale surprised him, however. “I would not have expected them to give up control of any part” of Howard Hughes Center, he said. “The problem now is that they have to reinvest that money.”

-- Roger Vincent