GI Partners, a private alternatives investment firm, has acquired five “Always On” properties on behalf of its Essential Tech and Science Fund.
The properties total 860,000 square feet located in Northern Virginia defense and government markets. The properties include divisional headquarters locations, host operations and R&D, cybersecurity, satellite, cloud, communication and other adjacent purposes.
“These properties include significant structural improvements which make the buildings mission critical to the tenancy,” stated Patrick Lawler, principal of GI Partners. “Given the regulatory approvals required and cost inflation in recent months for high-quality fit outs, we believe our acquisition basis represents an attractive discount to replacement cost. The properties feature existing dark fiber and SCIF improvements that are difficult to replicate. Further, the locations within or adjacent to the largest and most important data center cluster in the country also provides important long-term value creation opportunities.”