GI Partners has closed its buy of Maryland-based 14200 Shady Grove Road. The property serves as GlaxoSmithKline‘s vaccine research and development center. No financial terms were disclosed. The acquisition was made via DataCore L.P, a real estate fund managed by GI Partners on behalf of The California State Teachers’ Retirement System.
SAN FRANCISCO, CA, January 12, 2017 – GI Partners, a leading alternative asset manager, announced that is has completed the acquisition of 14200 Shady Grove Road, located along “DNA Alley” near Rockville, Maryland. The acquisition was made through DataCore, L.P. (“DataCore”), a fully discretionary core real estate fund managed by GI Partners on behalf of The California State Teachers’ Retirement System (“CalSTRS”).
The property, developed in 2003 and recently renovated, is comprised of approximately 635,000 square feet of Class A office and laboratory space and serves as a global vaccine research and development center for GlaxoSmithKline.
“The Interstate 270 corridor in Maryland continues to present attractive macro and micro trends relevant to the life science sector,” commented Mike Armstrong, Principal of GI Partners and co-head of acquisitions for GI’s direct real estate investment programs. “We believe in the use and opportunity for fundamental growth in the surrounding area.”
CalSTRS and GI Partners created DataCore in 2012 as a core investment vehicle to invest in technology-advantaged real estate in the United States, including data centers, internet gateways, corporate campuses for technology tenants, and life science properties, located in primary markets and leased to industry-leading tenants. Since inception, DataCore has acquired approximately 3.6 million square feet of properties throughout the United States.
The California State Teachers’ Retirement System, with a portfolio valued at $192.9 billion as of November 30, 2016, is the largest educator-only pension fund in the world. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans. CalSTRS also provides disability and survivor benefits. CalSTRS serves California’s nearly 900,000 public school educators and their families from the state’s 1,700 school districts, county offices of education and community college districts.
About GI Partners
Founded in 2001, GI Partners is a leading private investment firm based in San Francisco, California. The firm currently manages over $13 billion in capital commitments through private equity and real estate strategies for recognized institutional investors, including some of the largest state and sovereign pension funds in North America, Europe, Australia, Asia, and the Middle East. GI Partners’ real estate team invests across a number of property types and investment strategies, including industrial, apartments, and technology-advantaged properties, such as data centers, life science facilities, and corporate campuses. For more information on GI Partners, please visit www.gipartners.com.