UPS Location
I think that generally speaking, the preferred location is close to the load. But in the very large data centers, with multiple 675kW static UPS modules, and certainly with rotary UPS modules, the equipment is located off the Data Center floor, with PDUs (Power Distribution Units) located adjacent to the loads served in the Data Centers.
The UPS feeds the PDU. The PDUs are equipped with transformers to go from UPS Voltage (480-600) to 208/120V for distribution to Remote Power Panels for ultimate distribution to the computer equipment.
JM