The 601 West Polk Street, a mission-critical data center facility in Chicago, Illinois, was acquired by the San Francisco-based private investment firm, GI Partners.
"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."
According to the press release of GI Partners in PR NewsWire, the acquisition of the 107,000-square-feet data center facility was made through TechCore, LLC. 601 West Polk Street was first developed in 1918 and has undergone several renovations, with the latest in 2000. At present, 601 West Polk Street located in the Chicago South Loop is fully-leased on a long-term basis by TierPoint, one of the leading national providers of cloud-managed services and colocation.
TechCore, LLC is a $1 billion discretionary core real estate fund supervised by GI Partners on behalf of the California Public Employees' Retirement System. It was formed in the early 2012 with a focus in the acquisition of technology-advantaged properties that include data centers, internet gateways, corporate campuses for technology tenants, and life science properties located in core MSAs and leased to industry-leading tenants. TechCore has already gotten hold of over 2.9 million square feet of mission-critical data center, life science, and office properties throughout the United States since its inception.
GI Partners is a leading alternative investment management firm that was founded in 2001. At present, the firm manages $12 billion in capital commitments across asset classes through private equity and real estate strategies for standard institutional investors, which include some of the largest state and sovereign pension funds in North America, Europe, Australia, Asia, and the Middle East.
