The Carlyle Group Sells One Wilshire to Hines REIT; Carlyle Subsidiary, CRG West, to Remain in Over 170,000 Square Feet in the Building and Continue to Provide Colocation, Interconnection and Peering Services
Los Angeles, CA - Global private equity firm The Carlyle Group announced today the completion of the sale of One Wilshire to Hines REIT. The sales price of the class-A, 664,248 square-foot building was $287 million. Investment bank Eastdil-Secured represented Carlyle in the sale.
CRG West, a subsidiary of Carlyle and one of the largest managers of network-neutral data centers in the United States, leases over 170,000 square feet under a long-term lease and is the largest tenant at One Wilshire. CRG West is currently expanding in the Building and will continue to provide its best-in-class colocation, interconnection and peering services.
Owned by The Carlyle Group and managed by CRG West since 2001, One Wilshire is one of the world’s top points of interconnection. The property is 99 percent leased and includes such technology companies as Verizon, Qwest, Savvis and AT&T.
Marking its continued expansion in the Building, CRG West has just opened an additional 25,000 square feet of colocation space on the 27(th) floor and will release an additional 15,000 square feet in early 2008. The data center expansion at One Wilshire allows CRG West to offer companies the combination of 150 Watts per square foot and the ability to interconnect with nearly 300 different networks and carriers.
“Carlyle is pleased to have created lasting value at One Wilshire during its ownership. The combination of first-class office space and an incredible density of global carriers make One Wilshire a unique asset. The first-class professional management and leasing capabilities of Hines make it an outstanding buyer and owner of the Building. We are pleased to have CRG West continue its operations in the building and look forward to the continued growth of CRG West, an important and successful Carlyle portfolio company,” said Thomas M. Ray, managing director of The Carlyle Group.
“One Wilshire is a special building and plays an important role in global communication. We look forward to working with Hines in the future to continue meeting the needs of companies from around the world,” said John Savageau, managing director of CRG West.
“The sale of the One Wilshire base building will allow CRG West to focus on its core competency of providing managed power and peering opportunities to the world’s leading content delivery networks and service providers,” continued Savageau.
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