Facebook Data Center Now Partially Owned by a Griffin Capital NTR

Non-traded REIT, Griffin Capital Essential Asset REIT Inc. (Essential Asset REIT), recently announced the operating results of its third quarter including acquisitions of two properties with combined space of 300,000 square feet.  

The REIT acquired 80% ownership of a 132,000 square foot data center in Ashburn, Virginia valued at $187.5 million through a joint venture with Digital Realty. Currently fully leased to Facebook, Inc. and Morgan Stanley, the property has an average lease term of 8 years. 

In addition, Essential Asset REIT also acquired a 170,000 square foot telecom headquarters in Denver, Colorado for $43 million leased to tw telecom which was recently acquired by Level 3 Communications. 

As of September 30, 2014, the non-traded REIT’s total acquisition value has increased by 39%. The total capitalization of the portfolio is over $2.3 billion with modified funds from operations (MFFO) and funds from operations (FFO) reported at approximately $17.5 million and $14.6 million. 

Griffin Capital Essential Asset REIT specializes in creating a diversified portfolio of “business essential” commercial office and industrial space. 68% of the company’s net rental revenue is generated through leasing by investment grade-related companies. 

By the end of the third quarter, the company’s portfolio consisted of 55 office and industrial distribution properties that total approximately 12.7 million rentable square feet.