June 2, 2016
San Francisco-based GI Partners acquired a 75,000-square-foot building occupied by Apple in Sunnyvale, CA from Hines for $34.7 million. The acquisition was made through DataCore, L.P., a $500-million fully-discretionary core real estate fund managed by GI Partners on behalf of CalSTRS.
The 100% leased property, located at 825 Stewart Dr., is a Class A office and R&D property developed in 1968 that underwent repositioning in 2002 and 2015.
GI Partners’ Mike Armstrong says it was “an attractive opportunity” to bring an asset into a portfolio that’s focused on investing in technology-advantaged real estate in the U.S. Since inception, DataCore has acquired approximately 1.8 million square feet of properties across the country.
JLL’s Capital Markets team, led by Will Connors and Mike Seifer, represented the seller. The buyer was self represented.