KKR today announced that Global Atlantic Financial Group, 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.

KKR’s insurance business Global Atlantic is recapitalizing the entirety of Drawbridge’s portfolio which comprises approximately 5.4 million square feet of Class A office assets in innovation-driven growth markets, currently concentrated across the West Coast and Sunbelt regions. The properties are over 95% leased to high-quality corporate tenants, predominantly under triple net leases. Under the terms of the agreement, Drawbridge will continue to oversee and manage the portfolio following the recapitalization.

KKR and Drawbridge initially partnered in 2014 to recapitalize a portfolio alongside strategic institutional investors. Since then, the portfolio has tripled in total value while delivering attractive returns to investors. KKR will maintain its ownership stake in the investment manager alongside Drawbridge’s management team following the transaction.

Read more: BusinessWire