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The Real Deal Los Angeles

CoreSite expands at One Wilshire office tower

The data center REIT just took 17K sf, and now occupies a quarter of the 30-story building
By Dennis Lynch |
Research by Christian Bautista
July 03, 2018 08:30AM

624 S. Grand Avenue, AKA One Wilshire and Robert Stuckey, chairman of CoreSite

Real estate investment trust CoreSite has extended its lease and expanded its footprint at One Wilshire, the 30-story office tower.

The company, which owns data center properties, added just over 17,200 square feet to its lease, bringing it to a total of nearly 176,700 square feet, according to a filing with the U.S. Securities and Exchange Commission.

That’s roughly a quarter of the 30-story tower at 624 S. Grand Avenue.

CoreSite also extended its lease, signed in 2007, for seven additional years, through 2029. It has an option to extend again, to 2044. Rental rates remain the same — CoreSite pays $150,000 per month, according to the filing, subject to a 3 percent increase through extension terms.

CoreSite has been a tenant at One Wilshire since its founding as CRG West in 2001.

The company specializes in colocation data centers, which house large computing systems that can be rented out to companies around the world. The Denver-based firm has properties spread throughout the U.S., including in San Jose, along with Chicago and Miami.

Other tenants at One Wilshire include AT&T, Time Warner Cable and Verizon Communications.

GI Partners acquired the 664,000-square-foot One Wilshire from Hines in 2013 for $437 million.