GI Partners Announces Acquisition of 601 West Polk Street in Chicago, Illinois
First Transaction by TechCore in Chicagoland
SAN FRANCISCO, CA, January 12, 2016 – GI Partners today announced that it has completed the acquisition of 601 West Polk Street located in Chicago, Illinois. 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”).
601 West Polk Street is a mission critical data center facility containing approximately 107,000 square feet. The property was originally developed in 1918 and substantially redeveloped on numerous occasions, most recently in 2000. The property is located in the Chicago South Loop and is fully leased on a long-term basis by TierPoint, a leading national provider of cloud, managed services and colocation.
“We are pleased to own 601 West Polk and form a long-term relationship with TierPoint,” commented Mike Armstrong, Principal of GI Partners. “The facility’s robust infrastructure, connectivity, and location make it an attractive addition to the TechCore portfolio. We actively track the Chicago market, a top tier data center market with attractive fundamentals, and are excited to complete our first acquisition in the MSA.”
TechCore was formed 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 2.9 million square feet of mission-critical data center, life science, and office properties throughout the United States.
For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Its pension fund serves more than 1.7 million members in the CalPERS retirement system and administers benefits for more than 1.4 million members and their families in its health program, making it the largest defined-benefit public pension in the U.S. CalPERS’ total fund market value stands at approximately $288 billion as of September 30, 2015.
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.