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CB Richard Ellis Investors announces acquisition of $160M in technology-related real estate assets
January 24, 2003
LOS ANGELES -- CB Richard Ellis Investors, LLC announced the fourth-quarter closing of five technology-related real estate transactions totaling over $160 million in value. The properties are in the firm's Global Innovation Partners portfolio, a technology/real estate joint venture between CB Richard Ellis Investors and CalPERS. The purchased assets include data center and telecommunications facilities, as well as office/R&D properties with exposure to technology credit risk. Weehawken Data Center, New Jersey: The Weehawken Data Center is a 312,000 square foot strategic data center and telecom facility serving the New York City and Northern New Jersey markets. The property is highly improved with abundant electrical power and distribution, extensive HVAC systems, back-up/emergency power, and fire suppression systems. As a result, the property is recognized as a world-class, state-of-the-art facility. Telecom and data center tenants include Exodus (a Cable & Wireless company), Level 3 Communications, and Electronic Data Systems (EDS). Ardenwood Corporate Park, Fremont, California: Ardenwood Corporate Park is a four-building, 307,000 square foot, biotech/R&D complex, strategically located off Route 84 at the core of the Silicon Valley biotech cluster. A portion of the property has been highly improved to accommodate biotech lab and manufacturing processes while the remainder of the property serves as traditional R&D/office space for leading computer hardware and software manufacturers. The property is currently 100% leased. Denver Data Center, Englewood, Colorado: Denver Data Center is an 88,000 square foot facility providing full N+2 capability with 50,000 square feet of data center space. The property benefits from significant infrastructure improvements including a robust electrical and HVAC infrastructure, a state-of-the-art Network Operations Center, and security system. NTT/Verio Premier Data Center, San Jose, California: Located in the heart of the Silicon Valley, NTT/Verio Premier Data Center is a state-of-the-art data center and telecom networking facility. The 131,000 square foot property serves as one of two "Premier" data center facilities in the United States for Verio, a subsidiary of Nippon Telegraph & Telephone. The property also serves as a network node connecting NTT's network to primary peering and interconnection points on the West Coast. The building is 100% leased to NTT/Verio. VarTec Network Operating Center and Administrative Facility, Dallas, Texas: The VarTec building is a 135,000 square foot, single story office and data center facility located in the north Dallas suburban market. The property was completed in 1999 and houses critical network operations functions for a leading competitive local exchange carrier. The property is 100% leased on a long-term basis to VarTec Telecom. "These transactions fit well into our long-term strategy of acquiring strategic data centers, telecom, and technology facilities," said Michael Foust, Managing Director. "We will continue to leverage our unique mix of real estate and private equity investment expertise to invest in technology-related assets and businesses." CB Richard Ellis Investors LLC
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