SAN FRANCISCO--(BUSINESS WIRE)--Drawbridge Realty, a national real estate investment company based in San Francisco, has acquired the Rose Orchard office campus in San Jose from Shorenstein Properties LLC for $128.2M. The newly renovated office campus is 100-percent leased and further expands Drawbridge’s national portfolio.
“We’re excited that Drawbridge was able to add this high-quality campus to our portfolio and grow our presence in the Silicon Valley market,” says Bill Doyle, Vice President, Investments at Drawbridge. “This recently modernized campus and its solid tenant mix align perfectly with our strategy of acquiring operationally important, single-tenant, corporate properties in key markets across the United States.”
Located at 110-180 Rose Orchard Way in San Jose, the property comprises five buildings totaling 314,455 total square feet. The campus is anchored by Softbank-owned ARM, Inc. which recently solidified its long-term presence at Rose Orchard by leasing a second building and signing long-term leases for both properties. Teradyne (LitePoint) uses its building as a corporate headquarters while Labcyte, owned by Bechman Coulter, conducts R&D at its campus location. Zscaler has outgrown its current building and will be relocating to a nearby larger complex in 2021, allowing Drawbridge to re-lease the 41,286-square-foot, single-tenant building and potentially capture additional upside. Rose Orchard is adjacent to Route 237 and is within a five-minute walk to San Jose’s @First Marketplace, a diverse food and retail destination.
Will Connors of JLL’s Menlo Park office served as broker for Shorenstein Properties, while Drawbridge represented themselves in the deal.
Rose Orchard is Drawbridge’s first acquisition utilizing recent new equity commitments of $240 million which provide Drawbridge with discretionary capital to acquire $600 million of additional properties in target markets across the United States. The new infusion of funds was led by Drawbridge’s co-owner, global investment firm KKR, which played an important role in procuring the new capital alongside others.
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ABOUT DRAWBRIDGE REALTY MANAGEMENT:
Drawbridge is a San Francisco-based real estate investment company that targets commercial property investments in growth markets across the U.S. Its portfolio primarily consists of office properties leased long-term to large corporations, with an emphasis on strategically important locations. Drawbridge has a long history of successfully creating value for corporate clients and investors, and has completed transactions with companies including Bayer, Broadcom, IBM, Google, Johnson & Johnson, L-3 Technologies, Lockheed Martin, Medtronic, National Instruments, and Northrop Grumman. For more information, please visit: www.drawbridgerealty.com.