DRAWBRIDGE REALTY TRUST ACQUIRES STONECREEK PARK IN AUSTIN, TEXAS
Austin, TX - November 19, 2013 - Drawbridge Realty Trust has acquired the Stonecreek Park office property located at 3300 Duval Road in Austin, Texas. The property was acquired for $16.9 million from the Lionstone Group. The two-story class-A office and life sciences building totals 76,910 square feet and offers subterranean parking. The majority of the property is 100 percent leased to Myriad RBM, Inc., a wholly owned subsidiary of Myriad Genetics, Inc. (NASDAQ: MYGN). StoneCreek Park is located in Austin's desirable northwest high-tech corridor, and was built in 2000. The northwest Austin submarket is known for its high-growth, technology tenants, including Apple, Google, National Instruments, Cisco, HP, Microsoft, IBM, and Oracle, amongst others.
"Stonecreek Park met all the key criteria for our acquisition profile," said Mark Pearson, Co-Founder and Vice Chairman of Drawbridge Realty Trust, LLC. "With its desirable location within Austin's booming northwest office submarket, diverse corporate tenant base, and access to nearby upscale amenities, we feel the property complements our existing portfolio."
The anchor tenant, Myriad Genetics, Inc. is one of the world's leading molecular device companies, focused on providing predictive and personalized medicine solutions. Stonecreek Park serves as the headquarters and sole R&D location for one of its divisions.
Drawbridge's acquisition activity over the last twelve months exceeds $170 million, and its total portfolio now comprises over two million square feet. The Stonecreek Park acquisition is consistent with Drawbridge's practice of acquiring well-located properties leased to major corporations in markets experiencing positive absorption and job growth.