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11/08/22
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Drawbridge Realty recently closed on a notable Silicon Valley office buy, paying around $193 mil for 200 S. Mathilda Ave, a five-story, 157k sf ($1,229/sf) Class A office/engineering building and parking structure in downtown Sunnyvale. The building is fully leased to global ride-sharing firm Uber.
200 S. Mathilda was completed in 2010 and includes subterranean parking. Uber leased 200 S. Mathilda as an engineering ‘hub’ location as part of its Bay Area global headquarters.
The transit-oriented, LEED Silver-certified building sits in a neighborhood just a five minute walk from Sunnyvale’s Caltrain station and is surrounded by extensive residential, retail and lifestyle amenities including several thousand recently constructed multifamily units, as well as a variety of restaurants, cafes, retail stores and parking.
The asset was sold by JP Morgan, which was represented by Eastdil Secured.
“This is a highly appealing Silicon Valley asset leased long-term with a strong tenant in place in an area which continues to attract companies because of the deep regional talent pool, especially in engineering,” said Charlie McEachron of Drawbridge Realty. “It possesses all of the transit and amenity benefits of a CBD asset in a highly-populated suburban location,” he added.
This is Drawbridge’s third major acquisition this year. The company earlier completed the acquisition of Aimbridge Hospitality’s headquarters in Plano, Texas as well as the headquarters building leased to Arrow Electronics in the Denver suburb of Englewood. In addition to these major acquisitions, Drawbridge has also executed nearly one million square feet of leases in 2022, including three 15-year leases with major corporate tenants.
In the first quarter, Drawbridge completed a $1.7 bil portfolio recapitalization with Global Atlantic, a subsidiary of KKR.
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