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GI Partners Announces Acquisition of Synergy Park in Richardson, Texas
DataCore Purchases Tier III Data Center and Office Property
SAN FRANCISCO, CA, January 6, 2016 – GI Partners announced that is has completed the acquisition of Synergy Park located in Richardson, Texas. 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").
Synergy Park is an approximately 300,000 square foot data center and office property developed in 1989 and renovated on multiple occasions since. The property is located north adjacent to the University of Texas at Dallas campus in Richardson. The property is leased to university affiliates and a respected data center solutions provider.
“We are excited to add Synergy Park to our portfolio and look forward to continuing or building relationships with the tenants, as appropriate,” commented Mike Armstrong, Principal of GI Partners. “The data center use and abundant infrastructure were attractive to us, with approximately 51,000 square feet of raised floor and ample redundancy. The university adjacency was attractive as well. The Dallas MSA remains one of the most dynamic data center markets in the country, bolstered by a strong, growing economy.”
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.
The California State Teachers' Retirement System, with a portfolio valued at $188.4 billion as of November 30, 2015, is the largest educator-only pension fund in the world. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans, as well as disability and survivor benefits. CalSTRS has served California's public school educators and their families, who today number nearly 879,000 from the state's 1,700 school districts, county offices of education, and community college districts.
About GI Partners
Founded in 2001, GI Partners is a leading private investment firm based in San Francisco, California. The firm currently manages over $12 billion in capital commitments through private equity and real estate strategies for recognized institutional investors, including some of the largest state and sovereign pension funds in North America, Europe, Australia, Asia, and the Middle East. GI Partners’ real estate team invests across a number of property types and investment strategies, including industrial, apartments, life sciences, and technology-oriented data centers and corporate campuses. For more information on GI Partners, please visit www.gipartners.com.