H.I.G. Realty Partners Acquires Downtown Los Angeles’ Garland Center
NEW YORK – June 8, 2016 – H.I.G. Capital ("H.I.G."), a leading global private equity investment firm with $19 billion of equity capital under management, is pleased to announce that an affiliate, H.I.G. Realty Partners, has completed the acquisition of The Garland Center, a 728,000 sf commercial office building and data center with a detached 1,600 space parking structure, in Downtown Los Angeles. Originally constructed in 1983 as an operations center for First Interstate Bank, The Garland Center is located on 7th Street, just west of the 110 Freeway in Downtown Los Angeles. The building consists of nine stories of office space and three stories of subterranean, purpose-built data center space.
“Garland Center represents a unique opportunity to capitalize on the increasing global demand for CBD data center space,” said David Hirschberg, Co-Head of H.I.G. Realty Partners. “We look forward to leveraging H.I.G. Realty Partners’ real estate expertise and knowledge in the data center space to enhance the execution of the value-add business plan.”
About H.I.G. Realty Partners
H.I.G. Realty is the real estate platform of H.I.G. Capital, LLC (“H.I.G.”), managing $1.3 billion in opportunistic investments in small-to-mid cap real estate assets across property types located in the U.S. and Europe. H.I.G. Realty Partners targets the acquisition of value-add investments, employing a hands-on, operationally focused approach that seeks to generate substantial cash flow and asset appreciation through rehabilitating, redeveloping, repositioning and rebranding assets that have been capital starved and/or poorly managed.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $19 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- Other H.I.G. funds invest in various real assets, including real estate and shipping.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments to funds managed by H.I.G. Capital and its affiliates.