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VA REIT BUYS FISERV BUILDING

VA REIT BUYS FISERV BUILDING
Tier 1 Research?s Antonio Piraino talks about appeal of data centers as investment properties.

Gladstone Commercial Corp, a McLean, Va.-based REIT, recently paid Adveco Corp almost $11M for the 60k SF Fiserv data center in Hickory. The 3-year-old building at 2415 Century Place SE was delivered as a built-to-suit for Fiserv in June 2008. The Brookfield, Wis.-based IT services company, sources tell us, has about nine years remaining on its lease with options to renew for up to another 10 years. No brokers were involved. (We swear, officer.) Data centers have become hot properties for investors in the wake of the dot-com bust of the early 2000s, says Tier 1 Research?s Antonio Piraino. The demand then (as now) is the wholesale shift toward using the Internet for business and entertainment, which generates enormous volumes of data. But, Antonio adds, the main difference is that the buildings trading now are occupied. (And not by sock puppet dogs.)