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KKR, Drawbridge Recapitalize $1.7B Office Portfolio
KKR’s insurance business Global Atlantic Financial Group has recapitalized an approximately $1.7-billion portfolio of 95% leased, Class A office properties managed by Drawbridge Realty. In connection with the transaction, KKR and Drawbridge have established a new venture that will enable Drawbridge’s investment platform to source a pipeline of attractive investment opportunities for Global Atlantic.
The portfolio comprises approximately 5.4 million square feet in innovation-driven growth markets, concentrated across the West Coast and Sunbelt regions and leased to high-quality corporate tenants, predominantly under triple-net leases.
“This transaction delivers a great outcome for our fund investors,” said Mark Whiting, CEO of San Francisco-based Drawbridge. “My partners and I are excited to enter the next chapter of our strategic alliance with KKR.”
KKR and Drawbridge initially partnered in 2014 to recapitalize a portfolio alongside strategic institutional investors. Since then, the portfolio has tripled in total value while delivering attractive returns to investors.
Pictured: Mark Whiting.
- ◦Financing
