SAN FRANCISCO, July 11, 2018 /PRNewswire/ -- GI Partners has announced that it has renewed and expanded CoreSite's lease in the One Wilshire building, located at 624 S. Grand Avenue in Los Angeles. CoreSite, a premier provider of secure, reliable, high-performance data center and interconnection solutions across the U.S., has renewed its existing 162 thousand square feet of space in the building for seven years, and it has expanded into an additional 17 thousand square feet in order to continue to provide high-performance data center solutions to its customers in one of the one of the most network-dense data centers in the world. As part of CoreSite's renewal and expansion at One Wilshire, CoreSite extended the term of its original lease by seven years to 2029, and maintains its three, five-year renewal options, with control over its space through 2044.
With its presence in One Wilshire, CoreSite manages and has full control over the building's Meet-Me-Room, which is home to more than 240 network-service providers, offering multiple options for interconnection, network resiliency and low-latency connectivity to customers.
Separately, GI Partners has also announced that with CoreSite's expansion, along with prior commitments through previous tenants, Phase I of GI Partners' One Wilshire master infrastructure plan is now approximately 60% pre-leased. Phase I of the master infrastructure plan will bring nine additional megawatts of utility power to One Wilshire, along with associated cooling and emergency power generator infrastructure. At Phase I's completion, One Wilshire will have a total utility capacity of 30 megawatts, with potential to expand in further phases to 47 megawatts.
"We are pleased to work with CoreSite, our largest tenant, on its expansion at One Wilshire and we are very proud of our long relationship with CoreSite's world-class team," said Tony Lin, Director at GI Partners. "One Wilshire has earned a reputation as one of the most comprehensive United States network gateways to Asia and West Coast interconnection environments, and CoreSite's continued presence at the property helps to anchor that reputation."
About One Wilshire
One Wilshire, owned by GI Partners and managed by GI Partners' affiliate, GI Property Management, is the preeminent point of connectivity between North America and Asia, making it one of the most significant carrier hotels in the world. Customers are able to connect to over 240 carriers within the building, along with nearly 110 cloud and IT service providers. Together with KOMO Plaza in Seattle, GI Partners is able to offer unmatched carrier neutral connectivity to all major telecommunications and cloud providers along the West coast.
About GI Partners
GI Partners is a leading private investment firm based in San Francisco, California. The firm has raised over $16 billion in capital through private equity and real estate strategies from recognized institutional investors across the world. GI Partners' real estate team invests across a number of property types and investment strategies, including platforms focused on logistics-based warehouse and distribution facilities, transit-oriented multifamily development, and technology-advantaged properties. For more information on GI Partners, please visit www.gipartners.com.
About CoreSite
CoreSite Realty Corporation (NYSE: COR) delivers secure, reliable, high-performance data center and interconnection solutions to a growing customer ecosystem across eight key North American markets. More than 1,250 of the world's leading enterprises, network operators, cloud providers, and supporting service providers choose CoreSite to connect, protect and optimize their performance-sensitive data, applications and computing workloads. Our scalable, flexible solutions and 450+ dedicated employees consistently deliver unmatched data center options — all of which leads to a best-in-class customer experience and lasting relationships. For more information, visit www.coresite.com.
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SOURCE GI Partners
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