• 3201 SCOTT BOULEVARD thumbnail 1
  • 3201 SCOTT BOULEVARD thumbnail 2
  • 3201 SCOTT BOULEVARD thumbnail 3
  • 3201 SCOTT BOULEVARD thumbnail 4
  • 3201 SCOTT BOULEVARD thumbnail 5
Asset Overview: Imagination Technologies U.S. Corporate HQ
  • Single-tenant, two-story office building, totaling over 66,000 sq. ft. acquired as a value-add unoccupied asset subject to an existing lease with four years remaining
  • Strategically located in Silicon Valley with immediate access to Highways 101, San Tomas Central, and Montague Expressway and to the numerous nearby Santa Clara Square retail amenities
  • Surrounded by a host of prominent companies including Palo Alto Networks, Nvidia, Intel, Applied Materials, Cisco, and McAfee
Value-Add: Tenant Retention in Mission Critical Sub-Market
  • Acquired off-market at discount to replacement cost due to relationship with the seller who was liquidating a closed-end fund
  • Challenging to finance as the property was 100% leased short-term to a tenant (Advantest) which had vacated the premises. Drawbridge was able to finance the asset with its credit facility.
  • Within one year of acquisition, Drawbridge executed a new 7-year replacement lease with Imagination Technologies concurrent with negotiating a lease termination fee from the existing tenant
  • Drawbridge utilized the termination fee funds, which represented approximately 50% of Advantest’s remaining lease obligation, to fund tenant improvements and a complete interior renovation