January 22, 2021Bolly Inside
American Real Estate Partners, an institutional fund manager with a traditional focus on office real estate, plans to develop a large data center in Northern Virginia.
In partnership with Chicago-based investor Harrison Street, AREP paid $ 21.5 million for 10.3 acres of land site in Ashburn and plans to build a 265,000 square foot, two-story “powered shell” data center. Shell powered sites are data centers with power and connectivity, but their interiors left bare.
A rendering of the data center planned by AREP in Ashburn, Virginia
The deal is important for AREP, which plans to expand into the hot data center market. Construction on the new Ashburn site, located at 21445 Beaumeade Circle, is slated to begin later this year.