Debevoise & Plimpton LLP has advised Global Atlantic Financial Group on behalf of its affiliated insurance companies, in the recapitalization of Drawbridge Realty’s approximately $1.7 billion portfolio of office properties. The portfolio comprises approximately 5.4 million square feet of Class A office assets in innovation-driven growth markets, currently concentrated across the West Coast and Sunbelt regions. The properties are over 95% leased to high-quality corporate tenants, predominantly under triple net leases. Under the terms of the agreement, Drawbridge will continue to oversee and manage the portfolio following the recapitalization. In connection with the transaction, KKR and Drawbridge have established a new venture that will enable Drawbridge’s investment platform to source a pipeline of attractive investment opportunities for Global Atlantic, which is KKR’s insurance subsidiary. For more information, please read the company’s press release.
Global Atlantic Financial Group is a leader in the U.S. life insurance and annuity industry, serving the needs of individuals and institutions. Drawbridge Realty is a San Francisco-based real estate investment company focused on acquiring, developing and managing commercial property investments in high growth technology and innovation driven markets across the U.S.
The Debevoise team was led by real estate partner Nicole Levin Mesard and included associates Matthew Mrozek and Danielle Schulweis, M&A counsel Keith Slattery, tax partner Michael Bolotin and associates Gregory Arutiunov and Elliott Tuchman, investment management counsel Andrew Gershon, insurance partner David Grosgold and benefits partner Jonathan Lewis.