Drawbridge Realty, a real estate investment firm in San Francisco, has purchased an office campus in Westlake Village that is fully leased to Bank of America through 2031, the company announced Tuesday.
The property at 31303 Agoura Road is a two-story, 253,720-square-foot office building on 19.6 acres. Bank of America employs about 1,000 people on the site.
The price for the transaction was not disclosed, but Drawbridge said it financed the purchase “using a portion of a $240 million equity commitment secured in 2019.”
The seller was represented by Todd Tydlaska, Sean Sullivan, Mike Longo, and Anthony DeLorenzo of CBRE’s El Segundo office.
“We’re pleased to have acquired this fully occupied corporate campus in the prestigious Westlake Village location of Los Angeles County,” Chris Elmendorf, senior vice president of investments at Drawbridge, said in a statement. “Bank of America has occupied this campus for over 15 years. The company’s current 11-year, triple-net lease, combined with the underlying value of the site’s 19.6 acres positioned adjacent to Highway 101 creates durable cash flow and long-term value for Drawbridge.”
While the purchase price on the acquisition is undisclosed, the last time an entity bought the office campus, in July 2018, the property sold for $97 million as part of a 14-part portfolio sale.