Goldman Sachs Provides $389M Refi for LA’s One Wilshire
The 30-story tower includes both data center and office space, and it's one of the largest internet exchanges in the world
The owner of the One Wilshire tower in Downtown Los Angeles has landed $389.3 million in refinancing for the 661,553-square-foot property.
Goldman Sachs provided the 10-year, fixed-rate, non-recourse, interest-only loan to the building’s owner, GI Partners. JLL announced the deal and represented the seller.
Property records show that GI Partners acquired the tower from Hines for $437.5 million in 2013.
The 30-story tower includes both data center and office space, and it’s one of the largest internet exchanges in the world. The international telecommunications industry considers the building the most important point of connectivity between the United States and the Pacific Rim, with 13 on-site generators, data risers, a multi-tower antenna array and fiber connectivity to the rooftop.
Located at 624 South Grand Avenue, One Wilshire is 89 percent leased to major interexchange and local exchange carriers, financial services companies, data communication companies and internet service providers.
Demand for data center space has skyrocketed over the past few years due to increased data usage, including streaming services and virtual connectivity. JLL anticipates the demand for faster, safer and more reliable content delivery will continue to propel the data center market.
Goldman Sachs and GI Partners were not immediately available for comment.
JLL’s Kevin MacKenzie, Brian Torp, Jake Wagner, Samuel Godfrey and Darren Eades facilitated the financing.
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