GI Partners Increases Data Center Portfolio

GI Partners has acquired Synergy Park, an approximately 300,000-square-foot data center and office property in Richardson, Texas.

SynergParkGI Partners has acquired Synergy Park, an approximately 300,000-square-foot data center and office property in Richardson, Texas, through DataCore, L.P., a $500 million fully discretionary core real estate fund managed by GI Partners on behalf of The California State Teachers’ Retirement System.

“We are excited to add Synergy Park to our portfolio and look forward to continuing or building relationships with the tenants, as appropriate,” Mike Armstrong, GI Partners’s principal, said in a prepared release. “The data center use and abundant infrastructure were attractive to us, with approximately 51,000 square feet of raised floor and ample redundancy.”

DataCore was created in 2012 as a core investment vehicle to invest in technology-advantaged real estate in the U.S., and has acquired approximately 1.8 million square feet of properties.

Originally developed in 1989 and renovated several times over the decades, Synergy Park is located north adjacent to the University of Texas at Dallas campus in Richardson and is leased to university affiliates and a respected data center solutions provider.

“The university adjacency was attractive as well,” Armstrong said. “The Dallas MSA remains one of the most dynamic data center markets in the country, bolstered by a strong, growing economy.”

In a separate transaction, GI Partners acquired 11525 Main St., a 92,800-square-foot mission-critical data center facility located in Broomfield, Col., through TechCore, LLC, an approximately $1 billion discretionary core real estate fund managed by GI Partners on behalf of the California Public Employees’ Retirement System.

“We are very pleased to own the property and strengthen GI’s long-term relationship with TIAA-CREF,” Michael Wong, GI Partners’ director, said in a prepared release. “The facility’s high-quality data center improvements and critical nature make it a compelling addition to the TechCore portfolio.”

TechCore was formed in early 2012 to acquire technology-advantaged properties, and has more than 2.9 million square feet of mission-critical data center, life science, and office properties throughout the U.S.

“The greater Denver area is a robust technology market that is well positioned for additional future growth given its highly educated workforce, accessibility, and strong connectivity,” he said.