Drawbridge Realty’s $1.7 Billion Recapitalization of Portfolio of Office Properties

Debevoise & Plimpton has advised Global Atlantic Financial Group on the deal, while Simpson Thacher advised KKR on the deal.
Goodwin advised Drawbridge Realty.

KKR, a leading global investment firm, announced that Global Atlantic Financial Group (“Global Atlantic”), on behalf of its affiliated insurance companies, has recapitalized an approximately $1.7 billion portfolio of 95% leased, Class A office properties held by investment vehicles managed by Drawbridge Realty (“Drawbridge”).

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.

With committed long-term insurance capital from Global Atlantic, Drawbridge is positioned to accelerate its investments in high-quality, innovation-focused, net-leased office properties in growth markets nationwide with a goal to more than double the size of its portfolio over the next two to three years.

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. Its portfolio primarily consists of strategically important office and research properties leased long-term to large corporations.

Global Atlantic Financial Group is a leader in the U.S. life insurance and annuity industry, serving the needs of individuals and institutions. 

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. 

The Debevoise team was led by real estate partner Nicole Levin Mesard (Picture) 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.

The Simpson Thacher team included Jason Herman, Beate Krieger, Iram Huq, Lu Wang and Tianye Zhang and (Funds); Christopher May, Tyler Cox and Isaac Syed (M&A); Marcy Geller, Benjamin Rippeon and Jasmine Hay and Shoshana Schorr (Tax); and Scott Kobak and Justin Vilinsky (Real Estate).

The Goodwin Real Estate Industry and Tax teams included David Phelps, Hilary Fey, Jamie Crolle, Allyson McCain, Tina Kim, Talea Stashin, and Adam Kopald (Real Estate and Financing); Mark Schonberger and Farnell Morisset (Corporate); Isaac Newell (Corporate & Opinions); Jeremy Simon and Ross Gillman (Opinions); and Romina Weiss and Matt Dunay (Tax).

Involved fees earner: Gregory Arutiunov – Debevoise & Plimpton; Michael Bolotin – Debevoise & Plimpton; Andrew Gershon – Debevoise & Plimpton; David Grosgold – Debevoise & Plimpton; Nicole Levin Mesard – Debevoise & Plimpton; Jonathan Lewis – Debevoise & Plimpton; Danielle Schulweis – Debevoise & Plimpton; Keith Slattery – Debevoise & Plimpton; Elliott Tuchman – Debevoise & Plimpton; James Crolle – Goodwin Procter; Matthew Dunay – Goodwin Procter; Hilary d’Lacy Fey – Goodwin Procter; Ross Gillman – Goodwin Procter; Tina Kim – Goodwin Procter; Adam Kopald – Goodwin Procter; Allyson McCain – Goodwin Procter; Farnell Morisset – Goodwin Procter; David Phelps – Goodwin Procter; Mark Schonberger – Goodwin Procter; Jeremy Simon – Goodwin Procter; Romina Weiss – Goodwin Procter; Tyler Cox – Simpson Thacher & Bartlett; Marcy Geller – Simpson Thacher & Bartlett; Jasmine Hay – Simpson Thacher & Bartlett; Jason Herman – Simpson Thacher & Bartlett; Iram Huq – Simpson Thacher & Bartlett; Scott Kobak – Simpson Thacher & Bartlett; Beate Krieger – Simpson Thacher & Bartlett; Christopher May – Simpson Thacher & Bartlett; Benjamin Rippeon – Simpson Thacher & Bartlett; Shoshana Schorr – Simpson Thacher & Bartlett; Isaac Syed – Simpson Thacher & Bartlett; Justin Vilinsky – Simpson Thacher & Bartlett; Lu Wang – Simpson Thacher & Bartlett; Tianye Zhang – Simpson Thacher & Bartlett;

Law Firms: Debevoise & Plimpton; Goodwin Procter; Simpson Thacher & Bartlett;

Clients: Drawbridge Realty; Global Atlantic Financial Group; KKR;