Powerhouse Harrison
Street Joint Venture's Sixth Data Center Development Enters
the Red-Hot DFW Market with a New 200-MW Campus: PowerHouse
Irving
IRVING,
Texas, May 15, 2024 /PRNewswire/ -- Harrison
Street, one of the leading investment management firms focused on
alternative real assets and PowerHouse Data Centers
("Powerhouse"), a leading real estate partner for next-generation
hyperscale data centers and division of American Real Estate
Partners (AREP), announced the completed land purchase of 50 acres
in Irving-Las Colinas, a thriving community located within the
Dallas-Fort Worth area, the second
largest data center market in the country.
The site, located at 111 Customer Way, will be home
to PowerHouse Irving, a nearly one million square foot data
center campus that will deliver 200 MW of power when completed.
Demonstrating the company's continued expansion into key markets,
PowerHouse Irving is the third multi-phased data center development
to be announced this year, following PowerHouse Reno in
Nevada and PowerHouse 95 in
Spotsylvania County, Virginia. The
campus includes three powered shell data centers totaling over
946,000 square feet, with a total power load of 67 MW per building.
The site has immediate access to permanent power from an existing
adjacent substation, serviced by Oncor, the largest energy delivery
company in Texas. Construction is
scheduled to begin in early 2025, with the first powered shell set
to be delivered by late 2025.
"I want to welcome PowerHouse and its partners to
Irving. As we continue to
demonstrate, our city is a prime destination for vital data
infrastructure projects," said Irving Mayor Rick
Stopfer. "Our skilled workforce, transportation links,
central location, and ease of doing business attract companies
ready to build the base for future high technology
applications."
"Location, speed to market, and power performance are critical
to everything we do. Irving-Las Colinas has developed into a
hugely important connectivity hub with major financial influence,
and is an integral part of the Dallas market which has
the fourth-largest concentration of Fortune 500 companies in
the nation and the 20th largest economy in the
world," said PowerHouse CEO & Founder Doug Fleit. "We are excited to deliver the
first of several planned projects to serve one of the most dynamic
data center markets in the world —and provide first-rate
connectivity solutions for hyperscale customers."
Centrally located in the heart of the Dallas-Fort Worth
Metroplex, Irving-Las Colinas is known as Texas' "Headquarters of Headquarters," with
more Fortune 500 corporate headquarters per capita than any city in
Texas. The city boasts unmatched
transportation links, with access to multiple highways and public
transportation. Irving-Las Colinas companies have access to 4.4
million skilled workers, all within a 30-minute commute of the
city.
"Dallas is an established data
center market that is seeing significant growth and serves as a
major hyperscale compute cluster for the central region," said
Michael Hochanadel, Managing
Director & Head of Digital at Harrison Street. "We are
leveraging our valued partnership with PowerHouse to deliver
much-needed capacity to this high growth area, meeting escalating
demand-driven cloud, AI, and other use cases."
"On behalf of our member-investors and board of directors, we
are excited to welcome PowerHouse home to our community," said
Beth A.
Bowman, President & CEO of the Irving-Las
Colinas Chamber of Commerce and Irving Economic Development
Partnership. "CBRE recently confirmed Dallas-Fort Worth as the second largest market
for data centers in the U.S. This is no surprise, as Irving continues to attract world-class data
infrastructure projects, the backbone of the digital economy. Our
unmatched local and global connectivity, central geographic
location, quality of life, and pro-business mindset offer data
center companies the opportunity to grow their presence right here
in Irving-Las Colinas"
The development of PowerHouse Irving is a pivotal step in
Powerhouse's strategic expansion across key data center markets and
its entrance into the country's second-largest data center market.
The North Texas region
is also one of the country's key tech hubs, hosting more
than 40% of the advanced technology workers in
Texas. The PowerHouse Harrison
Street joint venture currently has three campus developments
completed or underway in Northern
Virginia, with an executed lease, pre-lease, or LOI for 100%
of the buildable square feet. To learn more about PowerHouse
Irving, follow PowerHouse Data Centers on LinkedIn here.
About PowerHouse
PowerHouse Data Centers, a wholly
owned division of American Real Estate Partners (AREP), is a
developer and owner of next-generation data centers and provides
technical real estate solutions for hyperscalers across the
country. Starting in the world's largest data center market in the
heart of Northern Virginia, before
strategically expanding to key markets across the United States, PowerHouse Data Centers
owns its land sites, offering unique fast-track approvals and
zoning approvals. As a disruptor, PowerHouse Data Centers provides
flexible next-generation data center models with the quickest speed
to market of any data center while meeting hyperscalers' growing
market, data, utility, and space demands. With a full suite of
development services, the company has 30 buildings currently in
planning or underway, representing over 10.49 million square feet
of data center space and over 2.3 GW of power. Operating as a
division of AREP, PowerHouse Data Centers is uniquely positioned as
a leader in world-class data center development across the country.
Backed by strategic joint venture partnerships, PowerHouse
leverages its proven leadership and best-in-class technical
expertise to deliver innovative real estate solutions. For more
information, visit www.powerhousedata.com and follow us on
LinkedIn, YouTube and X
About Harrison Street
Harrison Street is one of the
leading investment management firms exclusively focused on
alternative real estate assets. Since its inception in 2005, the
firm has created a series of differentiated investment solutions
focused on demographic-driven, needs-based assets. The firm has
invested across senior housing, student housing, build-to-rent,
healthcare delivery, life sciences and storage real estate as well
as social, utility and digital infrastructure. Headquartered in
Chicago and London, with offices throughout North America, Europe and Asia, the firm has more than 280-employees and
approximately US $56 billion in
assets under management on behalf of institutional investors across
the globe. Harrison Street was awarded Best Places to Work by
Pensions & Investments for nine years (2014-2020, 2022, 2023)
and since 2019 has won 15 awards from PERE, including three for the
2023 Awards: Alternatives Investor of the Year – Global, Data
Centers Investor of the Year – North
America, and ESG Firm of the Year - North America. For more information, please
visit www.harrisonst.com. (Assets under management ("AUM") reflects
AUM for the Firm's investment advisory and asset management
clients, and is inclusive of the Firm's regulatory AUM reported in
its Form ADV.)
About Irving Economic Development Partnership
The
Irving Economic Development Partnership's (IEDP) mission is to
advance, create and promote economic development in Irving-Las
Colinas, and IEDP serves as a support and information resource for
any company wanting to grow, relocate or create business
opportunity within the city. Led and managed by The Greater
Irving-Las Colinas Chamber of Commerce, IEDP is a strategic
public-private partnership between the Chamber, the City of Irving, the Irving Convention &
Visitor's Bureau, the Las Colinas Association, and private
investors and employers. Centrally located in North Texas, Irving-Las Colinas is one of the
fastest-growing business centers in the country and recognized as
the "Headquarters of Headquarters" in Texas with more Fortune 500 companies per
capita than any other city in the state.
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SOURCE PowerHouse Data Centers