A joint venture between Hanover and a local Sponsor acquired this 36,000 square foot office building located in Universal City, California with approximately 75% occupancy.  The business strategy was to stabilize the occupancy to 90%, upgrade common areas, re-lease month-to-month spaces at market rents for 3 to 5 year lease terms and market the building for sale. The asset is situated in the Los Angeles sub-market of Universal City/Burbank, home to media giants MCA, Disney, Warner Bros., Hanna-Barbara, and NBC.  The property was successfully sold upon the completion of common area improvements and this investment provided Hanover an attractive return on equity.  See more office investments.