it signed on for the space in October 2017 and still has almost 13 years left on its lease - it expires in November 2033. KKR has also teamed up with Boston-based life sciences owner, developer and operator Longfellow Real Estate Partners to manage the 12-story, 750,000-square-foot asset.ĭropbox occupies about 98.4 percent of the development’s net rentable area (NRA), or just over 738,000 square feet, as its global headquarters. The company injected a little over $496 million in equity to complete the deal, which put the transaction’s loan-to-cost at 54.7 percent, per Moody’s. KKR’s acquisition came via its core-plus real estate investment bucket of capital. It is set to be securitized in the DROP 2021-FILE single-asset, single-borrower CMBS deal. The loan, which closed on March 30, covered about $12.7 million in closing costs, as well as “prorations and adjustments” totaling about $2.2 million, according to Moody’s.
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