Cannon Hill Capital Partners has completed a $200-million recapitalization of 888 Broadway, with the addition of Global Holdings and Williams Equities as equity partners, according to published reports. The recapitalization reportedly was arranged by a Newmark team including Adam Spies and Adam Doneger.

Located in Manhattan’s Flatiron District, the 220,000-square-foot office building is anchored by Netflix, which houses its corporate offices there. The property recently underwent a significant capital improvement program, including a new lobby entrance and a rooftop terrace designed by Fogarty Finger. 

Fried Frank represented the partners in the structuring and negotiation of the $200-million recapitalization of 888 Broadway by Cannon Hill, Global Holdings and Williams Equities. The Fried Frank team was led by partners Michael Werner and Matthew Aldana and included partners Jonathan Mechanic, Janice Mac Avoy, Julianne Befeler and Richard Wolfe.    

Drawbridge Realty has acquired 2220 Colorado Ave., a 225,773-square-foot headquarters building in Santa Monica’s Silicon Beach neighborhood, for a reported $185 million. The building is 100% triple-net leased to Universal Music Group (UMG) as its operational headquarters.

“This is a high-quality property with a strong, longtime tenant and a very creative build-out that establishes the building as one of the signature assets in Santa Monica,” said Jaden Rosselli, VP of investments & asset management, Drawbridge Realty. “It’s a wonderful addition to our national portfolio.”

The seller, Clarion Partners, was represented by Newmark’s Kevin Shannon, Alex Foshay, Ken White, Rob Hannan, Laura Stumm and Michael Moll. UMG recently signed a long-term lease extension at the property.

Also known as Arboretum Gateway, 2220 Colorado Ave. has two UMG-operated recording studios, several conference facilities, secure parking with direct elevator access, an onsite food commissary and coffee bar, collaboration areas and outdoor decks.