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Drawbridge Divests San Jose Office Campus for $56M
San Francisco-based Drawbridge Realty divested the 5300-5350 Hellyer Ave. office campus in San Jose to an affiliate of the Empire Square Group for $55.5 million. The 160,000-square-foot office campus is 100% leased to Cobham Advanced Electronic Solutions and serves as its corporate headquarters.
Drawbridge’s Bill Doyle says, “We have successfully executed our business plan for this asset. We worked with Cobham to upgrade the property and extend the lease in a win-win for both parties.”
The disposition follows Drawbridge’s recent new equity commitments of $240 million, that provide it 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.
Scott Prosser, Joe Moriarty, and Jack DePuy of CBRE represented Drawbridge on the sale.
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