DRAWBRIDGE REALTY ACQUIRES THREE BUILDINGS IN ATLANTA FOR $41 MILLION
Atlanta, GA - November 19, 2015 - Drawbridge Realty, a San Francisco based real estate investment company, announced today the acquisition of 6301 & 6303 Barfield Road and 859 Mount Vernon Highway in Atlanta, Georgia for approximately $41 million. The property consists of three buildings totaling 289,000 square feet and is 88% leased to IBM Corporation and iXP Corporation. Drawbridge worked with IBM to acquire the property and concurrent with closing, IBM entered into a new long-term lease on two of the three buildings totaling 238,600 square feet. Drawbridge plans to upgrade the 33,600 square feet of vacancy for lease. The property is located in the highly desirable Central Perimeter Atlanta submarket which is considered a top regional and corporate headquarter destination within the greater Southeastern United States.
This investment represents Drawbridge's first acquisition in the Atlanta market. The property is a strategic operating facility for the existing tenants and offers freeway visibility and access to adjacent amenities including numerous retail and entertainment options.
"Drawbridge is excited with the continued national expansion of our portfolio. This transaction provides an opportunity to enter into a new market with favorable trends while establishing a long-term relationship with IBM Corporation," said Chris Elmendorf, Vice President of Investments at Drawbridge Realty.
"This transaction highlights a strength of the Drawbridge Realty platform to originate and create value through special situations while providing creative solutions to corporations," said Charlie McEachron, Chief Operating Officer at Drawbridge Realty.
The seller was represented by Brian H. Scott and W. Glenn Dyke at CBRE. Drawbridge has retained Jeff Bellamy and Kevin Lott of Jones Lang LaSalle to assist in the leasing of the remaining vacant space.