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GI Partners acquires One Wilshire

Middle market private equity firm GI Partners has acquired One Wilshire, a downtown Los Angeles network facility and data centre. In addition, the firm acquired three fully leased corporate office properties in El Segundo, California.

The acquisition was made through TechCore, a USD1bn 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 centre, 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 centre providing connections to over 300 domestic and international voice and data service companies.
 
Michael Wong, vice president of GI Partners, says: "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," says Wong.
 
GI Partners and CalPERS formed TechCore in early 2012 to acquire technology-advantaged properties, including data centres, 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 centre and office properties throughout the US. 

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