Iconic Downtown Los Angeles Network Facility and Data Center Purchased by TechCore as part of portfolio acquisition from Hines
MENLO PARK, CA, July 16, 2013 – GI Partners, a leading middle market private equity investment firm, announced today the acquisition of One Wilshire, a downtown Los Angeles network facility and data center. In addition, the firm acquired three fully leased corporate office properties in El Segundo, CA. The acquisition was made through TechCore, LLC (“TechCore”), which is a $1 billion discretionary core real estate fund managed by GI Partners on behalf of the California Public Employees' Retirement System (“CalPERS”).
One Wilshire is a 30-story building comprised of 663,000 square feet of data center, office, storage and retail space with a five-level subterranean parking garage. Designed by Skidmore, Owings & Merrill, the property is a premier carrier-neutral telecommunications center providing connections to over 300 domestic and international voice and data service companies.
Michael Wong, Vice President of GI Partners, said, “One Wilshire is one of the preeminent West Coast network facilities. The property fits well with TechCore’s strategy of acquiring high-quality, core, technology-advantaged properties leased to market leading tenants.”
GI Partners also acquired 2200, 2222 and 2230 East Imperial Highway in El Segundo in close proximity to the Los Angeles International Airport. The complex is comprised of two 11-story Class A office towers plus a structured parking garage with two floors of office at the top.
“The properties in El Segundo are well suited to our strategy of investing in assets located in primary markets with stable long term cash flows derived from market leading technology tenants,” commented Mr. Wong.
GI Partners and CalPERS formed TechCore in early 2012 to acquire technology-advantaged properties, including data centers, internet gateways, corporate campuses for technology tenants and life science properties located in core MSAs and leased to industry leading tenants. Since inception, TechCore has acquired over 1.7 million square feet of mission critical data center and office properties throughout the United States.