DRAWBRIDGE REALTY TRUST ACQUIRES OFFICE PROPERTY IN SANTA CLARA LEASED TO NATIONAL INSTRUMENTS
Santa Clara, CA - May 6, 2013 - Drawbridge Realty Trust has acquired 4600 Patrick Henry Drive in Santa Clara, California. The building, located on the west side of Patrick Henry Drive south of Tasman, is 100 percent leased to National Instruments (NASDAQ: NATI). The single-story office and R&D building is on 3.21 acres and totals 50,138 square feet. Drawbridge Realty Trust acquired the property in an off market transaction for $13 million. National Instruments has signed a long term lease for 100% of the property and has consolidated three smaller Silicon Valley offices into this location. The property was built in 1977, and recently underwent an extensive renovation prior to National Instruments' occupancy. The majority of the building is built out as office and a small portion is comprised of R&D space.
"We are pleased to be acquiring such a well located property leased to an excellent tenant," said Mark Whiting, CEO of Drawbridge Realty Trust. "National Instruments is making a long term commitment to this location."
This acquisition is consistent with Drawbridge's practice of acquiring strategically located properties leased to major corporations. In the fourth quarter of 2012, Drawbridge acquired 6 properties located in Northern and Southern California. Three of the properties are located in the Silicon Valley and the remaining three properties are in the San Diego area. Drawbridge's acquisition activity during the last two quarters exceeds $130 million and its total portfolio now comprises over 1.8 million square feet.