TMCnet News
CIM Group and fifteenfortyseven Critical Systems Realty Acquire 400 Paul Avenue - Bay Area Data Center Development SiteCIM Group, in partnership with fifteenfortyseven Critical Systems Realty (1547), today announced the acquisition of 400 Paul Avenue, a 7.3-acre property located at one of the nation's most important data center hubs. The site is fully-entitled for the development of a 187,000-square-foot data center with 24MW of power capacity. The acquisition also includes two 1930's-era buildings totaling 54,225 square feet that will be improved to serve as office and support space for data center tenants. 400 Paul is a strategically located data center site in the Portola neighborhood of San Francisco at the hub of more than a dozen fiber networks serviced by multiple international carriers and adjacent to one of the most critical interconnection data centers in the United States. The partnership is undertaking pre-development activities to immediately advance the construction of the purpose-built data center that will address tenants' growing connectivity demands. The property's existing two office buildings will be refurbished in a manner that retains the historic character and integrity of the structures, while modernizing the space to accommodate a range of users including technology support services. The acquisition adds to CIM Group's growing portfolio of diverse, infrastructure investments that includes renewable energy, urban parking facilities, water supply infrastructure, and waste solutions. CIM has been involved in the Greater Bay Area since 2001, when it identified the community as possessing the attributes that fit its investment strategy, a proven methodology that focuses on established and emerging urban areas with solid infrastructure and transportation networks. Currently, CIM's Bay Area portfolio is comprised of approximately 3.6 million square feet that includes a variety of Class A commercial properties. About CIM Group Established in 1994, CIM is a leading partner for global institutional investors seeking to invest in real assets located in and serving urban communities with a principal focus on North America. CIM is a real assets manager offering investment strategies in opportunistic, stabilized, and value-add real estate, real estate debt, and infrastructure. CIM's broad expertise includes in-house research, acquisition, investment, development, finance, leasing and property management capabilities. Headquartered in Los Angeles, CIM maintains regional offices in New York City, Oakland, CA (News - Alert), Bethesda, MD, and Dallas. For more information, please visit www.cimgroup.com About fifteenfortyseven Critical Systems Realty fifteenfortyseven Critical Systems Realty (1547) is a leading developer and operator of custom-designed data centers with over 500,000 square feet of data center space under development in Orangeburg, NY, Chicago, IL, Cheyenne, WY and Kapolei, HI. Central to the firm's strategy is the ability to uncover the true intrinsic value of properties, opportunistically developing world-class data center facilities with a focus on providing tenants with customized mission critical solutions from concept through completion. 1547 was formed in 2011 by a group of experienced executives from the financial and data center industries to leverage their combined expertise to produce market leading data center development projects. Together, the team has over 60 years of experience in developing, renovating and operating data center space. This wealth of experience allows 1547 to be uniquely positioned to acquire, develop, and operate strategically-located, custom built data center properties.
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