One of the USA's most connected buildings has changed hands again. One Wilshire, the flagship carrier hotel of Los Angeles, has been purchased by a fund managed by the private equity firm GI Partners for the giant state retirement fund CalPERS.
One Wilshire is a 30-story building of 663,000 total square feet that serves more than 300 tenants. Those tenants make up list that is a who's who of telecom and data center operators from around the world: Verizon, Level 3, CoreSite, China Telecom, Sirius XM Radio, and many more.
The LA times puts this deal's sale price at an even higher $437.5M, or $660 per square foot, which reflects the importance of the facility and its position within our global internet infrastructure. It had been owned since 2007 by the Hines Group, which bought it for $287M from the Carlyle group.