Drawbridge Realty Trust Secures $150 Million Investment
San Francisco, CA, September 19, 2012 - Drawbridge Realty Trust, LLC ("Drawbridge") announced today that it has entered into an agreement with affiliates of Almanac Realty Investors, LLC ("Almanac") under which Almanac has initially committed to invest $150 million in Drawbridge.
Drawbridge, based in San Francisco, CA, is focused on the acquisition, development and management of "value-add" commercial property investment opportunities in the western United States. Drawbridge focuses on office, R&D, and industrial properties which can be ultimately leased to large corporate tenants. Drawbridge is led by principals Mark Whiting and Mark Pearson, who have each been active in the commercial real estate space for more than 25 years. In particular, Whiting was previously co-founder and CEO of publicly-traded TriNet Corporate Realty Trust, Inc., while Pearson is a co-founder and Managing Partner of CRESA Partners, a national corporate real estate tenant rep firm.
"Our alliance with Almanac will be transformational for Drawbridge," said Mark Whiting, Drawbridge's CEO, "and will allow us to pursue investments at this opportune time and rapidly grow our company."
Under the terms of the transaction, Drawbridge will be able to draw funds from Almanac as needed over the next two years in order to expand its portfolio. Investment activity will be focused in the western United States, with a particular emphasis in Northern California, Southern California and Austin, Texas.
"We are excited about our partnership with Drawbridge, as we believe they are well-positioned to continue to profitably and efficiently grow their company," said Justin J. Hakimian, Director, Almanac. "Further, the Principals have a long and successful history in the commercial real estate sector with a unique emphasis on large corporate tenants," Hakimian added.
New York-based Almanac manages a series of investment funds and is a leading provider of growth capital to public and private real estate companies. As part of this transaction, Almanac representatives D. Pike Aloian and Justin J. Hakimian have joined the Board of Directors of Drawbridge, which also includes Whiting and Pearson.
JMP Securities LLC advised Drawbridge on the transaction.
For further information about Drawbridge, Almanac or the transaction, please contact:
Mark S. Whiting
Chairman, Chief Executive Officer
Drawbridge Realty Trust, LLC
Three Embarcadero Center, Suite 2310
San Francisco, CA 94111
Justin J. Hakimian
Almanac Realty Investors, LLC
1251 Avenue of the Americas, 44th Fl.
New York, NY 10020
About Drawbridge Realty Trust
Drawbridge Realty Trust, LLC is a real estate investment and development company headquartered in San Francisco, CA that targets commercial property investments in select markets in the western United States. Drawbridge pursues opportunities suited to large corporate tenants that are expected to produce significant returns including: new development, redevelopment, and conversions to higher and better uses. The company owns and manages a portfolio of properties leased long term to corporate tenants, demonstrating Drawbridge's ability to successfully create value for corporations and investors. Drawbridge and its affiliates have acquired and developed over $1 billion of commercial property since its formation. For additional information, please visit our website at www.drawbridgerealtytrust.com.
About Almanac Realty Investors
Almanac Realty Investors, LLC is a leading provider of growth capital to public and private real estate companies. From the time of its founding in 1981, originally under the name Rothschild Realty, the group has invested $3.0 billion into a wide array of real estate opportunities. Since 1996, Almanac's primary investment activity has consisted of making private placements into public and private real estate operating companies. To date, Almanac has invested more than $2.6 billion into 29 companies. For more information, please visit our website at www.almanacrealty.com.