DRAWBRIDGE REALTY TRUST ACQUIRES DISCOVERY CORPORATE CENTER BUILDING LEASED TO BROADCOM IN SAN DIEGO, CA
San Diego, CA - November 14, 2013 - Drawbridge Realty Trust has acquired the Discovery Corporate Center Building A, located at 16340 West Bernardo Drive in San Diego, California. The property was acquired from Menlo Equities for $36.5 million. The three-story, Class A office building totals 90,610 square feet on just over four acres, and is 100 percent leased to Broadcom Corporation [NASDAQ: BRCM]. Building A was built in 2007 in San Diego's Rancho Bernardo office market and is one of four buildings in the 318,235-square-foot campus.
"Building A is the third building we've acquired in the Discovery Corporate Center campus," said Mark Whiting, CEO of Drawbridge Realty Trust, LLC. "It's the flagship property on the campus, and serves as Broadcom's regional headquarters."
The Discovery campus is located adjacent to Rancho Bernardo Road and the I-15 freeway, the primary north-south arterial freeway for the greater San Diego region. The Rancho Bernardo submarket and I-15 corridor have become a preferred location for larger corporate users in the technology, defense, and education industries, among others, looking for corporate campus solutions.
Broadcom is an investment-grade, Fortune 500 company, and a global innovator in semiconductor solutions for both wired and wireless communications. It is one of the world's largest fabless semiconductor company, with products and applications in more than 24 lines of business, and leadership positions in nearly a dozen product categories.
Drawbridge's acquisition activity over the last twelve months exceeds $170 million, and its total portfolio now comprises over two million square feet. The acquisition of Discovery Corporate Center Building A in San Diego is consistent with Drawbridge's practice of acquiring well-located properties leased to major corporations in markets experiencing positive absorption and job growth.