Drawbridge Secures 102 KSF Lease Expansion

Pacific Center

Collectors Universe has expanded its lease at Drawbridge Realty‘s Pacific Center, a 392,879-square-foot office park in Santa Ana, Calif. The authentication and grading service company for owners of collectible items added 102,000 square feet to its local footprint and will occupy 286,636 square feet at the property. CBRE worked on behalf of the landlord while Savills represented the tenant.

This is Collectors Universe’s third expansion at Pacific Center since the Drawbridge purchased it in 2019 for $97.5 million from The Brookhollow Group, according to CommercialEdge. Located at 1600 and 1610 E. St. Andrew Place, the two-building campus includes retail space and 939 parking spots. The property is 3.1 miles from downtown Santa Ana, in an Opportunity Zone, and 5 miles from Orange’s Old Towne.

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Collectors Universe’s expansion at Pacific Center was possible because Drawbridge negotiated with Mr. Cooper, a loan servicing company, an early lease termination. The firm was looking to downsize its footprint before its lease term maturity in 2023.

CBRE Senior Vice President Ross Bourne and Vice Chairman Dave Desper worked on behalf of Drawbridge. Savills Executive Managing Directors Zev Holzman and Taylor Wood represented Collectors Universe.

Leasing opportunities

This is Drawbridge’s third long-term lease with a major tenant since the beginning of 2022. In the first quarter of this year, the firm inked a 15-year lease at the 1.4 million-square-foot Airport Technology Park in Salt Lake City; the new tenant, a medical diagnostic company, will occupy 230,000 square feet.

In June, Drawbridge signed a 15-year lease with semiconductor manufacturer onsemi at its Rose Orchard campus in San Jose, Calif. Onsemi will take over full occupancy of the 92,448-square-foot building at 150 Rose Orchard Way.

Earlier this year, Drawbridge entered the Dallas-Fort Worth market with the acquisition of HQ53, a 248,661-square-foot office property in Plano, Texas, that is fully leased to Aimbridge Hospitality. The acquisition was financed with a $84.9 million loan.