DRA Advisors secured a $29 million loan to acquire the leasehold interest in 5725 Paradise Drivea Class A office campus and the headquarters of HR (formerly known as Restoration Hardware) in Corte Madera, Calif., Commercial Observer may report first.
REIT 3650 provided the loan, while JP Le Veque of Secure Eastdil arranged the financing.
The property comprises 98,000 square feet and is part of the larger 250,000 square foot headquarters that includes RH’s Innovation Centerits design center and a warehouse for all of its products, according to a statement.
The property has served as RH’s headquarters since 2006, when the company expanded to occupy all five buildings on campus. It can easily be returned to its original multi-tenant usage.
“3650 continues its highly strategic and surgical approach to investing in office assets in key U.S. employment markets,” Toby Cobb, co-founder and managing partner of 3650 REIT, said in a statement. “We view 5725 Paradise Drive as a ‘change winner’ in the post-pandemic office market that will continue to be successful, especially given its highly rated tenant at RH.”
DRA Advisors officials did not immediately respond to a request for comment.
Emily Fu can be reached at [email protected].