Brad Lebovitz, managing director and head of North American asset management, Silverpeak
CLEVELAND AND CINCINNATI, OH—New York-based Silverpeak and Legacy Investing, in partnership with funds managed by Oaktree Capital Management, have acquired a portfolio of office, industrial and data center campuses in Cleveland and Cincinnati in a partial office space sale-leaseback transaction with PNC Bank.
The transaction introduces financial grade, turn-key, Tier III data centers to the Cincinnati and Cleveland markets, which historically have not been available for lease. Totaling 70,000 square feet of leasable raised floor space and 6.7MW of immediately-available N + 1 power capacity, the data centers are designed to handle high performance computing and feature 42” raised floors, liquid- cooled cabinets, and access to all major fiber providers.
“We are pleased to invest alongside Legacy and Oaktree in a sector where there is growing demand for high quality space,” says Brad Lebovitz, managing director at Silverpeak. “The addition of these assets not only expands our sector presence, but also introduces us to edge markets where we see limited supply.”
“With this closing, we now have over 32MW under ownership, with current inventory in multiple markets, including Cincinnati, Cleveland and Northern Virginia,” says Jay Rappaport, CEO of Legacy. “We are very proud to be adding the Cleveland and Cincinnati data centers, which were purpose built by a large financial institution as their primary data centers with over $60 million invested in each facility. These are ideal facilities to support cloud and managed service providers as well as financial, government, healthcare and life science companies.”
In the last twelve months, Silverpeak and Legacy have invested in more than 540,000 square feet and 24MW of power capacity across five data center facilities, all of which have significant, investment-grade anchor tenants.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
