GI Partners buys Maryland property for $323m
GI Partners has completed the acquisition of 9911 Belward Campus Drive located in Rockville, Md. The acquisition was made through TechCore, which is a $1 billion discretionary core real estate fund managed by GI Partners and established with the California Public Employees’ Retirement System. The sales price was $322.5 million or $1,112 per square foot.
The seller was the BioMed Realty Trust.
The 289,912-square-foot office is leased to a single tenant, Human Genome Sciences, a multinational pharmaceutical company with investment-grade credit. It is located 20 miles northwest of Washington, D.C.
TechCore was formed by GI Partners and CalPERS in early 2012 to acquire technology-advantaged properties, including data centers, internet gateways, corporate campuses for technology tenants and life science properties located in core MSAs and leased to industry-leading tenants. Since inception, TechCore has acquired more than 2.7 million square feet of d