San Francisco will soon have its first data center in over a decade. 1547 Critical Systems Realty and CIM Group bought 7.3 acres at 400 Paul Ave. in the Portola neighborhood and will break ground in the fourth quarter on a new data center, Data Center Knowledge reports. The JV purchased the property from The Cambay Group in a deal that closed Aug. 4. The site already has permits for a data center development.
The JV plans to hit the ground running on development, which is fully funded, without securing an anchor tenant. The JV will secure debt financing in the future, likely after signing an anchor tenant.
The project will create a two-story, 187K SF powered shell. The project will have a 24-megawatt power capacity. The developers also will turn two existing three-story buildings totaling 54,225 SF into office and support space for data center tenants.