Drawbridge Realty pays $69M for Westlake Village corporate campus

The 254K sf property on Agoura Road is fully leased to Bank of America through 2031

Feb.February 27, 2020 03:00 PM
Drawbridge’s Chris Elmendorf and 31303 Agoura Road (Credit: Google Maps)
Drawbridge’s Chris Elmendorf and 31303 Agoura Road (Credit: Google Maps)

Commercial real estate investment and development firm Drawbridge Realty has snapped up another Southland property — this time, a two-story corporate campus in Westlake Village.

Drawbridge paid $69 million to acquire the 254,000-square-foot property from Strategic Office Partners, an affiliate of TPG Real Estate, according to property records

The campus, located at 31303 Agoura Road, is fully leased to Bank of America through 2031. The bank employs more than 1,000 people at the Agoura Road site and has rented space at the campus for more than 15 years. Bank of America has a triple-net lease at the 20-acre property.

The San Francisco-based Drawbridge purchased the Westlake Village property using a portion of a $240 million equity
commitment secured in 2019, which allowed the company to acquire $600
million in additional properties, the company said.

The investment firm targets commercial property investments — especially those leased long-term to large corporations — in growth markets across the country. Drawbridge’s portfolio includes more than 50 properties totaling over 5.2 million-square-feet in eight states. Tenants include Google, Bayer and IBM, according to the company website.

Last August, Drawbridge purchased the 391,000-square-foot Pacific Center office complex in Santa Ana for $98 million. The two-building complex is located next to another Drawbridge property, fully leased to Johnson & Johnson.

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