California fund buys Synergy Park adjacent to UT Dallas campus
January 6, 2016
By Candace Carlisle
Staff Writer | Dallas Business Journal
The California State Teachers' Retirement System has acquired Synergy Park, a 300,000-square-foot University of Texas at Dallas data center and office property adjacent to the university campus in Richardson.
Terms of the acquisition were undisclosed.
The property was bought through DataCore LP, a $500 million real estate fund managed by California-based GI Partners on behalf of The California State Teachers' Retirement System.
Synergy Park was developed in 1989 and has been renovated numerous times over the years. It is leased to university affiliates and a data center solutions provider.
GI Partners Principal Mike Armstrong said the property was attractive based on the 51,000 square feet of raised floor space and the immediate adjacency to the university campus in the metro Dallas area.
DataCore was created to invest in technology-advantaged real estate in primary investment markets in the United States, which includes data centers, corporate campuses for tech tenants and life science properties.
Since 2012, DataCore has acquired roughly 1.8 million square feet of real estate throughout the nation.
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