Almanac Realty Invests $150 Million in Drawbridge
Alessia Pirolo Sept. 19, 2012, 5:12 p.m.
Almanac Realty, a New York leading provider of growth capital to public and private real estate companies, has announced a $150 million investment in the San Francisco-based Drawbridge, a company which focuses on the acquisition, development and management of “value-add” commercial property investment opportunities in the western United States. They have already acquired fours assets for approximately 222,000 square foot between Santa Clara, CA. and Austin,TX.
Among the properties, 4900 Patrick Henry, in Santa Clara, a currently under construction office building, was acquired for approximately $9.5 million, according to public records.
Under the terms of the transaction, Drawbridge and Almanac will expand furthermore their portfolio with a particular emphasis in Northern California, Southern California and Austin, TX.
“Our alliance with Almanac will be transformational for Drawbridge,” said Mark Whiting, Drawbridge’s CEO, “and will allow us to pursue investments at this opportune time and rapidly grow our company.”
“We are excited about our partnership with Drawbridge, as we believe they are well-positioned to continue to profitably and efficiently grow their company,” said Justin J. Hakimian, director of Almanac. “Further, the Principals have a long and successful history in the commercial real estate sector with a unique emphasis on large corporate tenants,” Mr. Hakimian added.
JMP Securities LLC advised Drawbridge on the transaction.