Getting 2021 off on the right foot, 1547 Data Center Real Estate Fund, an affiliate of fifteenfortyseven Critical Systems Realty (“1547”) together with Harrison Street, has acquired one of the most interconnected buildings in the United States: The Pittock Block building in Portland, Oregon. The building, acquired from JLL for $326 Million, is the single biggest asset sale in Oregon since 2015.
The Pittock Block building is a vital carrier hotel, colocation datacenter, and office in downtown Portland. The building is home to one of only two primary Internet Exchanges (IXs) throughout the Northwest, connecting 179 service providers and is located east of Hillsboro, home to Intel and one of the fastest growing data center submarkets in the world.
- Todd Raymond, CEO of 1547, states, “strategically located with direct access to seven subsea telecommunications cables, Pittock Block is a premier telecommunications Internet Exchange for the West Coast and represents the type of asset we are seeking to add to our connectivity-focused platform with Harrison Street.”
Adding to the building’s formidable opportunities, Michael Hochanadel, Managing Director and Head of Digital Real Estate at Harrison Street adds, “Pittock Block represents a rare opportunity to acquire an established interconnection building with significant opportunity for growth. The Pacific Northwest continues to be a top destination for end users seeking highly connected data center capacity given its robust telecommunication infrastructure that provides low latency to key high growth markets including Asia. We are excited to expand our partnership with 1547 and acquire a highly strategic facility that will enhance our ability to deliver robust connectivity solutions. We look forward to continuing to identify and invest in critical digital assets.”
1547 Real Estate’s Pittock Block building announcement follows the company’s acquisition of the Wells Building, a carrier hotel and data center in Milwaukee, Wisconsin completed in Q’4 of 2020.