Archived Content

The following content is from an older version of this website, and may not display correctly.

Private-equity firm GI Partners has bought One Wilshire, a major carrier hotel in Los Angeles, California, that houses data centers operated by a number of providers.


One Wilshire is a 30-story building comprised of 663,000 sq ft of data center, office, storage and retail space with a five-level subterranean parking garage. Company with the most data center space at the site is wholesale provider CoreSite.


Designed by Skidmore, Owings & Merrill, the property is a carrier-neutral telecommunications center providing connections to more than 300 domestic and international voice and data service companies.


Michael Wong, VP at GI, said the building was one of West Coast's preeminent network facilities. “The property fits well with TechCore's strategy of acquiring high-quality, core, technology-advantaged properties leased to market leading tenants,” he said.


GI made the acquisition through TechCore, a US$1bn discretionary core real estate fund it manages on behalf of the California Public Employees' Retirement System (CalPERS). GI and CalPERS formed TechCore in early 2012 to acquire technology-oriented properties, including data centers, internet gateways, corporate campuses for technology tenants and life science properties.


Since inception, TechCore has acquired more than 1.7m sq ft of mission critical data center and office properties throughout the US.


The firm also announced the acquisition of three fully leased corporate office properties in El Segundo, California (close to Los Angeles). 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,” Wong said.