A failed Ericsson data center near Montreal has a new owner. GI Partners, a private investment firm based in San Francisco, purchased the location for an undisclosed price.

Ericsson opened the $1.3 billion facility in December 2016 — a year later than planned and at half the expected capacity. A year later, the company said it would close the 215,000-square-foot space site by mid-2018.

Ericsson will, however, continue to lease space and power on a short-term basis to develop its cloud-based technologies, according to GI Partners.

Ericsson and GI Partners did not respond to requests for comment.

The facility currently has about 11 megawatts of critical, redundant power. Space and power are available for lease immediately, the new owner said. The property was designed to expand to more than 50 megawatts of primary power.

“Montreal is a dynamic data center market due to its access to cost effective hydroelectric power that is attractive for scale and hyperscale deployments,” said Mike Armstrong, director of GI Partners in a statement. “The property is a world class highly secure data center that will provide users the opportunity to establish in market immediately with significant expansion potential under the same roof.”

The building adds to GI Partners’ data center portfolio. The firm owns and manages 21 properties comprising 5.2 million square feet across 13 data center markets. It’s one of the largest national-scale U.S. data center companies, according to DataCenter Knowledge.

The site was Ericsson’s only data center in North America and another financial challenge the company has faced in recent years.

Former CEO Hans Vestberg lost his job in July 2016 after Ericsson reported a 24 percent year-over-year drop in its second quarter 2016 net profits.

The company plans to cut $1.2 billion in costs, which includes thousands of layoffs. Ericsson has said it has slashed 3,000 positions, with reports suggesting plans for up to 25,000 total job cuts.

In October 2017, Ericsson reported another quarter of losses as it attempts to fend off competition from Huawei and Nokia, and restructure its business.

A month later, Ericsson CEO Borje Ekholm told investors that a partnership with Cisco won’t reach its target to generate $1 billion in revenue for each company by 2018.