The GI Real Estate Essential Tech + Science Fund is focused on Data Center Properties, Life Sciences Labs, and “Always On” Research & Development Facilities
SAN FRANCISCO, February 28, 2022 – GI Partners, a leading private alternatives investment firm, has announced the acquisition of three new East Coast life science properties representing 419,000 square feet and located in two of the industry’s most sought after markets: Boston/Cambridge and the Research Triangle Park (“RTP”), on behalf of its Essential Tech + Science Fund, GI Partners ETS Fund LP (“ETS Fund” or the “Fund”):
51 Melcher Street (103,000 square feet, Boston, MA): A nine-story, urban lab conversion property centrally located in Boston’s thriving Seaport life sciences district. Originally constructed in 1915 and extensively renovated in 2013, GI Partners believes the existing base building is well-suited for Class A wet lab conversion in a severely supply-constrained environment. The Seaport offers access to skilled talent, a 24/7 atmosphere, and the region’s top institutions, scientists, and venture capital firms.
3 Burlington Woods (164,000 square feet, Burlington, MA): An existing four-story office building located in an attractive, high amenity, rapidly growing suburban Boston life science submarket. 3 Burlington Woods is expected to be a significant interior renovation project designed to achieve high quality, scaled lab conversion with opportunities for both large and early-stage users.
Regency Woods (152,000 square feet, Cary, NC): A class A, six-story trophy suburban office property with established pharma tenancy and long-term future lab conversion potential in North Carolina’s RTP life sciences cluster. Recently developed by an established local partnership, the Regency Woods property offers convenient access to the growing technology and established life science industries in Raleigh-Durham, including the nearby Research Triangle Park.
John Sheputis, Managing Director of GI Partners and Head of the ETS Fund, said, “These two dynamic markets are fundamental to our tech and science investment strategy. We expect to continue to expand the Fund’s existing portfolio and grow into other key markets. We are observing strong demand trends due in large part to strong investment in research, communication, and technological innovation, which positively impact the property sectors in which we invest.”
John Curran, Principal of GI Partners, said, “We are excited about our three most recent life science acquisitions on the East Coast, with two in Greater Boston’s premier lab cluster and another in North Carolina’s storied Research Triangle region. These properties mark a new foray for the ETS Fund into two critical life science ecosystems widely recognized for their rich talent pools, anchor research and academic institutions, and robust capital investment. We will seek to leverage our extensive knowledge of these and other top tier lab markets in order to expand our life science presence through various transaction structures and sourcing channels.”
Since launching in 2021, the ETS Fund has acquired eight properties and is actively investing in a diverse portfolio of data centers, life sciences properties, and R&D facilities across key markets in the United States.
About GI Partners
Founded in 2001, GI Partners is a private investment firm with over 100 employees and offices in San Francisco, New York, Chicago, Greenwich, and Scottsdale. The firm has raised over $32 billion in capital from leading institutional investors around the world to invest in private equity, real estate, and data infrastructure strategies. The private equity team invests primarily in companies in the healthcare, IT infrastructure, services, and software sectors. The real estate team focuses primarily on technology and life sciences properties as well as other specialized types of real estate. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information, please visit www.gipartners.com.