The Los Angeles industrial building that played a supporting role in Michael Jackson's iconic "Thriller" music video has been sold.

New York investment firm New Mountain Capital bought the roughly 218,000-square-foot building 3700 E. Olympic Blvd. east of downtown for $51.3 million, or about $235 per square foot, according to a statement by the seller, U.K.-based Venator Materials. That's below the Vernon industrial market average of $283 per square foot, according to CoStar data.

Venator, which manufactures color pigments at the facility, plans to lease back the space for 15 years with options to extend the lease, according to the statement. The annual lease will start at $3.4 million for the first year.

"This opportunity to monetize value from a strong real estate market at an attractive cap rate provides optionality for our business and bolsters our liquidity," CEO Simon Turner said in the statement.

A representative for the buyer declined to comment to CoStar News.

The building is about 5 miles from downtown Los Angeles and is near the 5, 10, 110 and 710 freeways. It sits on about 6.2 acres and was built in 1935, according to CoStar data.

New Mountain Capital also owns a roughly 40,000-square-foot industrial building at 18420 Laurel Park Road in Compton, about 16 miles south, according to CoStar data. The company has roughly $37 billion in assets under management, according to its website.

The Vernon industrial market has a 2.4% vacancy rate, near the greater Los Angeles average of 2.2%, according to CoStar data. The market's average annual rent is $15.53 per square foot, below the greater L.A. average of $18 per square foot.

The "Thriller" music video was released in 1983 and filmed in multiple locations in Los Angeles, and its famous zombie dancing scene was filmed adjacent the 3700 E. Olympic Blvd. building. The music video has been called the greatest of all time has been streamed more than 851 million times on YouTube.

CBRE was the listing agent in the sale.