California joint venture pays $17.5 million for data center in Broomfield

BROOMFIELD — GI Partners, a private-investment firm based in San Francisco, and the California Public Employees’ Retirement System have acquired a building that houses a data center in Broomfield for $17.5 million.

The 92,800-square-foot building at 11525 Main St., is home to TIAA-CREF, a financial services organization.

GI Partners and CalPERS, through a joint venture, bought the building from Columbia Colorado Main Industrial LLC, which had bought the building in 2010 for $12,855,000, according to public records.

The acquisition was made through TechCore LLC, an approximately $1 billion discretionary core real estate fund managed by GI Partners on behalf of CalPERS.

“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 statement. “The facility’s high-quality data center improvements and critical nature make it a compelling addition to the TechCore portfolio.”

This is TechCore’s first acquisition in the greater Denver metro area.

TechCore, formed in early 2012, has acquired more than 2.9 million square feet of mission-critical data center, life-science and office properties throughout the United States.

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