TechCore, LLC (TechCore) has bought a data center in Chicago, Illinois, United States. TechCore is a $1 billion funding off-shoot of the California Public Employees’ Retirement System (CalPERS). The organization’s funds are managed by managed by GI Partners. The move is representative of a growing trend of investment company’s adding data centers to their real estate portfolios, particularly as a result of the growth of cloud computing.
TechCore was setup by CalPERS in 2012 as a means of enabling the organization to invest in the data center sector. The mission critical data center facility they are buying is located at 601 West Polk Street, Chicago, the site of a former furniture warehouse. Reports suggest TechCore paid around $17,500,000 to complete the deal. cloud computing, collocation and disaster recovery services provider TierPoint leases around 107,000 square foot building.
“We are pleased to own 601 West Polk and form a long-term relationship with TierPoint,” explained GI Partners’ principal Mike Armstrong. “We are pleased to own 601 West Polk and form a long-term relationship with TierPoint. 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.”
Do you know of any other investments made in data centers? Let us know the details. Add your comments below.