Global investment giant KKR is banking that its success leasing office buildings to single-tenant tech players can be replicated nationwide, with a focus on acquiring suburban buildings in markets with strong tech employment and population growth.
KKR, which just closed on a $1.7-billion refinance of 45 office buildings held by investment partner Drawbridge Realty, said the recapitalization will fund a new venture with Drawbridge aiming to rapidly expand the portfolio across the US.
"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," KKR and Drawbridge said in a joint statement.
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