CRG West's parent company Carlyle has decided to sell the demanding 656,000 sq.ft One Wilshire building to Hines REIT.
CRG West will continue to lease over 170,000 sq.ft of the building.
Full Press Release below:
LOS ANGELES, CA – August 6, 2007 – 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 27th 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.
About The Carlyle Group
The Carlyle Group is a global private equity firm with $71.4 billion under management. Carlyle invests in buyouts, venture & growth capital, real estate and leveraged finance in Asia, Europe and North America, focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, healthcare, industrial, infrastructure, technology & business services and telecommunications & media. Since 1987, the firm has invested $28.3 billion of equity in 636 transactions for a total purchase price of $132.0 billion. The Carlyle Group employs more than 800 people in 19 countries. In the aggregate, Carlyle portfolio companies have more than $87 billion in revenue and employ more than 286,000 people around the world.
www.carlyle.com.
About CRG West
CRG West is a world-renown colocation and property management company. Established in 2001, CRG West provides colocation space, connectivity services, remote hands support and the fast growing Internet exchange, the Any2 Exchange, to its growing client base. Now with nine data center locations, CRG West manages carrier-neutral data centers in Boston, Chicago,
Los Angeles, Miami, New York, San Jose, and Washington D.C. CRG West provides data center space and peering opportunities across the United States to over 350 of the world’s leading networks, enterprises and universities.
www.crgwest.com.
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