Feb. 14, 2002 -- Global Innovation Partners, LLC said today that it has acquired two major telecom facilities in Dallas and Miami for approximately $40 million in equity.
Global Innovation, a Los Angeles investment firm, has acquired the Univision Tower at 2323 Bryan Street in Dallas and the telecom building at 36 NE 2nd Street in Miami, which houses the BellSouth Multimedia Internet eXchange (MIX). Both deals closed in the past 30 days.
The deal reflects a major move into telecom by a renowned investment entity - the California Public Employees' Retirement System, or CalPERs for short. The fund is among the lead investors in Global Innovation along with the real estate firm CB Richard Ellis.
In March 2001 the two partners supplied Global Innovation with $526 million of capital.
"These properties are critical to the network operations of the major, Tier-1 telecom carriers," said Michael Foust, Director of Global Innovation Partners. "They fit well into our long-term strategy of acquiring key network assets globally."
The 464,000 square foot Univision Building, which had been owned by a unit of Atlantic Pearl Investments, was nearly sold to Pinnacle Holdings in 2000. Its occupancy is estimated at about 85 percent.
The 26-story telecommunications and office facility at 2323 Bryan serves as the southwest headquarters for the Univision broadcasting network and is a focal point for telecommunications networks in the Southwest.
The 162,000 square foot Miami center located at 36 NE 2nd Street is home to the BellSouth Multimedia Internet eXchange (MIX) as well as many national and international Tier-1 carriers and broadband service providers. It was previously part of the portfolio of Markley Stearns Partners, which owns about a dozen carrier hotels worldwide.