Digital Realty Trust purchased an 819,000 square foot operating data center and office campus in Lewisville, Texas, a Dallas suburb, for $123 million. According to a CoStar report, Brookfield Real Estate Opportunity Fund I sold Convergence Office Center, which is about 40 minutes north of Dallas. The campus covers over 168 acres, which includes ten buildings and 39 acres of land for future development. At the time of sale, the property was leased as data center space to three tenants, representing approximately 36% of total revenue for the property, with the balance of space leased as office and office/lab space with major tenants including
"This acquisition will immediately contribute stabilized cash flow to our portfolio from the existing long-term leases, while providing a wide range of future development and potential redevelopment opportunities," said Michael F. Foust, Chief Executive Officer of Digital Realty. "Dallas continues to be a very strong market for us. When combined with Datacenter Park Dallas in Richardson, located approximately 25 miles from this site, we believe that we will be able to accommodate a large majority of the data center requirements from customers seeking space in the Dallas market."
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