DataCore Purchases Critical-Use Office / Technology Property
SAN FRANCISCO, CA, May 31, 2016 – GI Partners announced that is has completed the acquisition of 825 Stewart Drive located in Sunnyvale, California. The acquisition was made through DataCore, L.P. ("DataCore"), a $500 million fully discretionary core real estate fund managed by GI Partners on behalf of The California State Teachers' Retirement System ("CalSTRS").
825 Stewart Drive is an approximately 75,000 square foot class A office and R&D property developed in 1968 and subsequently repositioned in 2002 and 2015. The property is 100% leased to a prominent technology company.
“On behalf of DataCore, GI is pleased to add 825 Stewart to our growing technology-advantaged real estate portfolio” commented Mike Armstrong, Principal of GI Partners. “The confluence of existing tenancy, use, and the burgeoning ecosystem of global technology companies in the immediate vicinity presents an attractive opportunity.”
CalSTRS and GI Partners created DataCore in 2012 as a core investment vehicle to invest in technology-advantaged real estate in the United States, including data centers, internet gateways, corporate campuses for technology tenants, and life science properties, located in primary markets and leased to industry-leading tenants. Since inception, DataCore has acquired approximately 1.8 million square feet of properties throughout the United States.