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GI Partners and CalPERS bought the 2 Peekay Drive building in Clifton, New Jersey, that housed Telx’s NJR3 data center. Mountain Development sold the property for a reported $53.9 million, and Telx remained its long-term exclusive tenant and day-to-day operator. The 2013 deal changed the building’s ownership—not ownership of Telx or the facility’s operations.
What did GI Partners acquire?
The asset was the recently completed building at 2 Peekay Drive in Clifton, identified in the 2013 report as NJR3. Data Center Knowledge reported that the facility covered 215,000 square feet at the time. Mountain Development was the seller; GI Partners and CalPERS were the buyers. The sale closed in early October 2013, and the trade publication reported it on November 5, 2013. Data Center Knowledge’s contemporaneous account reported a sale price of $53.9 million.
Those figures describe the 2013 transaction and facility, not a current valuation or present-day specification.
Did Telx continue to operate NJR3?
Yes. Telx remained the building’s long-term exclusive tenant and retained control of day-to-day operations after the sale. Telx Senior Vice President Ron Sterbenz described the deal as a “financing transaction” for Telx and said it did not change NJR3’s operational arrangements. That is Sterbenz’s characterization of the transaction, not an independently established legal or accounting classification.
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In practical terms, the landlord changed while the operator stayed in place. GI Partners and CalPERS acquired the real estate; they did not acquire Telx in this transaction.
Was the whole Clifton campus sold?
No. NJR3 at 2 Peekay Drive was part of a two-building Clifton campus. The adjacent building at 100 Delawanna was separate, and the 2013 report said Telx still owned it. The reported sale concerned the 2 Peekay Drive property, not both buildings.
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How was the 2013 property deal different from GI Partners’ sale of Telx?
GI Partners had acquired Telx in 2006, according to the firm’s later announcement. On August 8, 2011, GI Partners announced that it had agreed to sell The Telx Group to ABRY Partners and Berkshire Partners; that announcement did not disclose the terms. GI Partners’ 2011 announcement concerns the operating company. The Clifton transaction, reported in 2013, concerned real estate beneath a Telx-operated facility.
These were separate events involving different assets: the earlier transfer was of the Telx business, while the later sale transferred ownership of the 2 Peekay Drive building. GI Partners also announced a separate 2018 acquisition at 492 River Road in Nutley, New Jersey, leased by BT Americas; that property is not Clifton’s NJR3. The 2018 announcement identifies the Nutley property.
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What is known about NJR3 today?
The cited 2013 account establishes the reported ownership change and operating arrangement at that time. It does not establish the building’s current owner or operator, its current name or specifications, whether the historical lease remains in force, or whether the 2013 campus configuration continues. The historical transaction should therefore not be taken as evidence of present-day ownership or operations.
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