Partnership affirms Flexential’s leadership position in the rapidly growing Portland data center market
Flexential today announced it has entered into a sale and leaseback transaction with Legacy Investing, LLC for the development of Flexential’s Hillsboro 3 data center. The partnership will allow Flexential to continue to invest in its core data center operations while providing Legacy the opportunity to invest in and own the site, core and shell of the next Flexential flagship facility in Hillsboro.
The Hillsboro 3 data center will enhance Flexential’s position as a leader in the growing Portland data center market, which has the second-highest growth rate in North America according to CBRE’s North American Data Center Trends Report. The continued demand in this market has driven a significant need for data center space and services, and the Flexential and Legacy partnership will allow the parties to quickly deploy capital to efficiently bring the Hillsboro 3 project to market to meet this demand.
“We are proud to be partnering with Legacy Investing on our new, cutting edge Hillsboro data center,” said Chris Downie, CEO, Flexential. “The completion of this facility will cement Flexential as a clear leader in this rapidly growing market, and the enthusiastic support of Legacy and its investment partner, Invesco Real Estate, a global real estate investment manager, speak to the value of the Flexential brand and its Hillsboro franchise.”
“Flexential’s already-dominant position in Hillsboro and the overwhelming demand for their offerings in this market made partnering with them a clear choice for us,” said Jay Rappaport, CEO, Legacy Investing. “We are excited about the opportunity this partnership creates for both parties and look forward to seeing this ultramodern data center come to life.”
Kristina Metzger, the leader of CBRE’s Data Center Capital Markets served as lead advisor to Flexential in the transaction and Paige Morgan of CBRE’s Portland Office provided local support.