CIM, fifteenfortyseven Team Up for SF Data Center Buy
- Aug 11, 2017
After selling The Jeremy West Hollywood Hotel, CIM Group teamed up with fifteenfortyseven Critical Systems Realty to purchase a 7.3-acre asset in San Francisco from The Cambay Group. The acquisition includes two 1930’s-era buildings totaling 54,225 square feet.
Located at 400 Paul Ave. in the Portola neighborhood, the property sits at the intersection of more than a dozen fiber networks serviced by multiple international carriers and next to one of the nation’s most critical interconnection data centers. On the same street, Digital Realty Trust operates a five-story, 425,000-square-foot data center. The acquisition is expected to increase interest in data centers in San Francisco.
No activity for a decade
The seller already secured the necessary permits for a data center development. The new owners are set to break ground on a two-story, 187,000-square-foot data center in the last quarter of the year, as well as to improve the existing buildings. This will be the first colocation data center to be built in San Francisco in more than a decade. The two assets will serve as office and support space for the data center tenants. The joint venture will modernize the buildings in a manner that retains the historic character and integrity of the structures.
Image courtesy of fifteenfortyseven Critical Systems Realty