SAN FRANCISCO, May 31, 2016 /PRNewswire/ -- GI Partners announced that is has completed the acquisition of 825 Stewart Drive located in Sunnyvale, California. The acquisition was made through DataCore, L.P. ("DataCore"), a $500 million fully discretionary core real estate fund managed by GI Partners on behalf of The California State Teachers' Retirement System ("CalSTRS").
825 Stewart Drive is an approximately 75,000 square foot class A office and R&D property developed in 1968 and subsequently repositioned in 2002 and 2015. The property is 100% leased to a prominent technology company.
"On behalf of DataCore, GI is pleased to add 825 Stewart to our growing technology-advantaged real estate portfolio," commented Mike Armstrong, Principal of GI Partners. "The confluence of existing tenancy, use, and the burgeoning ecosystem of global technology companies in the immediate vicinity presents an attractive opportunity."
CalSTRS and GI Partners created DataCore in 2012 as a core investment vehicle to invest in technology-advantaged real estate in the United States, including data centers, internet gateways, corporate campuses for technology tenants, and life science properties, located in primary markets and leased to industry-leading tenants. Since inception, DataCore has acquired approximately 1.8 million square feet of properties throughout the United States.
The California State Teachers' Retirement System, with a portfolio valued at $187.4 billion as of April 30, 2016, is the largest educator-only pension fund in the world. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans. CalSTRS also provides disability and survivor benefits. CalSTRS serves California's 896,000 public school educators and their families from the state's 1,700 school districts, county offices of education and community college districts.
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.
Contact: Chris Tofalli
Chris Tofalli Public Relations
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/gi-partners-announces-acquisition-of-825-stewart-drive-in-sunnyvale-california-300276578.html
SOURCE GI Partners