SAN FRANCISCO, June 6, 2017 /PRNewswire/ -- GI Partners ("GI") announced today that it has secured a lease renewal and expansion totaling 169,136 square feet for The University of Texas at Dallas' ("UT Dallas") UTDesign program, a design studio for senior engineering students located at 3000 Waterview Parkway in Richardson, Texas.
The buildings leased to UT Dallas are part of a larger 300,820 square foot Tier III data center and office complex owned by DataCore, L.P., a fully discretionary core real estate fund managed by GI Partners. Other tenants at the property include ViaWest, a leading data center operator, and the University of Texas Southwestern Medical Center.
"We're excited about our partnership with UT Dallas and their expansion on site," said David Boehle, Vice President at GI Partners. "With this expansion, UT Dallas now occupies nearly 170,000 square feet at the Synergy Park campus on a long-term basis."
GI Partners purchased the property in December 2015 with an in-place occupancy of 74%. Efforts post-acquisition were focused largely on executing capital upgrades with a key focus on improving leasing activity. GI Partners successfully managed significant work to the property's existing vacant suite and exterior common areas to broaden the property's appeal to in-place and prospective tenants, which culminated in the UT Dallas lease renewal and expansion. The property is currently 100% occupied.
The UTDesign program studio houses 56 project stations, which will grow substantially once the program's expansion is complete. In 2009, the Erik Jonsson School of Engineering and Computer Science's award-winning program started out with just six projects in electrical engineering. It now boasts more than 40 multidisciplinary projects each semester in computer science, and computer, electrical, software, telecommunications and mechanical engineering.
The expanded design studio will include a computer lab, machine shop, seven conference rooms, five secured project lab rooms, a seminar room, and state-of-the-art equipment donated by local companies and corporations.
About GI Partners
GI Partners is a leading private investment firm based in San Francisco. The firm has raised over $14 billion in capital through private equity and real estate strategies from recognized institutional investors across the globe. GI Partners' real estate team invests across multiple 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 and its entire portfolio, please visit www.gipartners.com.
Chris Tofalli Public Relations
GI Partners Investor Relations
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SOURCE GI Partners