"CoreSite, acting through an affiliate, bought three buildings in Santa Clara from GI Partners, a private equity and investment firm that paid $79 million in cash in 2021 for the properties, documents at the Santa Clara County Recorder's Office show. Three office and research buildings with addresses of 2805 and 2855 Bowers Avenue, and 2710 Walsh Avenue, shown within the outline. Boundaries are approximate."
"Data center at 2805 Bowers Ave. in Santa Clara, totaling 244,100 square feet, concept image. (Sheehan Nagle Hartray Architects) At the time GI Partners owned the three buildings, the San Francisco-based investment firm sought to develop a data center totaling 244,100 square feet at 2805 Bowers, city planning documents show. The project would demolish the existing building on the site. Santa Clara officials approved the proposed development in 2024."
CoreSite, through an affiliate, purchased three Santa Clara buildings from GI Partners for $100 million. GI Partners had paid $79 million in 2021. The properties are at 2805 and 2855 Bowers Ave., and 2710 Walsh Ave. CoreSite paid 26.6% more than GI Partners' 2021 price. The price differential indicates that buildings with potential for data-center conversion attract buyers despite weakness in the Bay Area office market. GI Partners had pursued a 244,100-square-foot data center at 2805 Bowers that would demolish the existing structure. Santa Clara approved the proposed development in 2024. CoreSite operates colocation data centers for enterprises.
Read at www.mercurynews.com
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