Acquisition of land in Sterling, Virginia completed in partnership with Penzance
Denver, CO – March 29, 2023 – EdgeCore Digital Infrastructure, a wholesale data center developer, owner and operator, today announced the expansion of its presence in Northern Virginia through the establishment of a partnership with Penzance, a Washington, D.C. based real estate developer, to co-develop 7.6 acres centrally located in the heart of the largest data center market in the world. The site supports customers seeking high-performance capacity with low-latency access to leading cloud hubs and supporting network access across Northern Virginia.
“With the acquisition of additional land in Northern Virginia, EdgeCore adds another key data center location to our portfolio and continues to advance our focus on rapid growth and development in key data center markets,” said Lee Kestler, CEO, EdgeCore. “We are pleased to have partnered with Penzance on this project and are grateful for the acceleration they are bringing to the process through their deep regional expertise and connections.”
This newly acquired parcel is planned to accommodate a 285,000 square foot, three-story data center, capable of supporting 36 MW of critical load. The site plan approval process is expected to be completed by the end of 2023. A dozen local and national long-haul fiber providers are located adjacent to the site, making EdgeCore’s newest data center location in Northern Virginia an attractive option for leading cloud and internet companies.
“The Penzance team has prepared this site for data center development and is excited that our partner, EdgeCore, shares our vision and will apply its expertise to advance the project to its next phase,” said Cristopher White, Managing Director of Investments, Penzance. “We continue to invest in and grow our Virginia portfolio across multiple product types, including data center, industrial and multifamily through our discretionary value add funds.”
EdgeCore’s existing site in Northern Virginia, comprised of 348,000 square feet and capable of supporting 54 MW of critical load, is located just two miles from this newly acquired land. Combined, both EdgeCore data center sites provide 633,000 square feet of space and 90 MW of critical load to customers seeking space in the world’s most vital data center market.
In November 2022, EdgeCore was acquired by Partners Group, a leading global private markets firm, acting on behalf of its clients. Partners Group will invest up to USD $1.2 billion to fund the acquisition and buildout of existing and future data center sites. Today’s expansion announcement in Northern Virginia is the latest development project announced by EdgeCore in 2023, the first of which was announced in January for Silicon Valley, California.
About EdgeCore Digital Infrastructure
EdgeCore Digital Infrastructure serves the world’s largest cloud, internet, and technology companies with both ready-for-occupancy and build-to-suit data center capacity supported by best-in-class service-delivery capabilities. Privately held and supported by committed equity to fund an initial aggregate amount of over USD $4 billion in development, EdgeCore supports customer requirements by proactively investing in land, power, and vertical development in key data center locations, with building designs that meet key performance specifications and sustainability objectives. EdgeCore has four markets with power and shovel ready campuses, operational data center buildings, and the ability to expand investment into new markets. For more information, please visit edgecore.com.
About Penzance
The Penzance goal is to leave things better than when we found them. It is a philosophy that enables Penzance to create extraordinary value for investors, partners, and communities alike.
Founded in 1996, Penzance is a fully-integrated real estate investment company with deep roots in the Mid-Atlantic region. Penzance is woman-owned and over 50% diverse. Penzance has built a strong investment track record over the last 26 years by investing in value-add real estate, currently through two discretionary fund vehicles and partnerships with leading institutions. During this period, Penzance has committed over $3.5 billion of capital through several market cycles. Penzance currently targets investments and development opportunities primarily in the multifamily, industrial, and data center sectors. For more information, please visit pzre.com.
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