Drawbridge Realty Pays $219MM for Databricks-Leased 180,000 SQFT Office at 100 Altair Way in Sunnyvale
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in October 2026: $1.9B across 4 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Drawbridge now owns two fully leased tech office buildings near Caltrain in downtown Sunnyvale, where Databricks occupies about 635,000 square feet and the submarket recorded 1.94 million square feet of leasing in the…
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