AFL-CIO Trust Buys Virginia Data Centers
The AFL-CIO Building Investment Trust (BIT) has purchased a five-building complex in northern Virginia for $138.5 million, the trust said this week. The Tyson’s East Office Portfolio located in Tyson’s Corner includes two office buildings and three data centers on 16.8 acres of land, which allows room for additional buildings on the site.
The acquisition marks the second significant investment in data center properties by pension funds for trade unions. The AFL-CIO trust is a $2.1 billion fund that invests in real estate, seeking to generate investment returns for AFL-CIO pensioners and create union jobs. BIT says its investments have generated approximately 54 million hours in union construction work and created thousands of permanent union jobs.
In January 2010 Sabey announced plans to partner with National Real Estate Advisors (NREA) to form a new venture that will expand Sabey’s data center operations beyond its core market in the Pacific northwest. NREA is a real estate investment management and advisory firm owned by National Electrical Benefit Fund (NEBF), a multi-billion dollar pension plan that provides retirement benefits to employees in the electrical industry.
The Tysons East properties are within walking distance of the future Silver Line’s Tyson’s East Metrorail Station, which is planned for delivery in 2013. “We believe Tyson’s East will be a great addition to the BIT portfolio,” says Kevin McCarthy, President of PNC Realty Investors. “The properties are currently 98 percent leased with no significant lease turnover until 2014.”
DGPosted August 16th, 2011
The stuff in Tysons is ancient.