ORANGEBURG, N.Y.--(BUSINESS WIRE)--CIM Group and fifteenfortyseven Critical Systems Realty (“1547”) today announced the acquisition of 1 Ramland Road in Orangeburg, New York, an existing 232,000-square-foot data center, previously owned by an affiliate of 1547. The partially occupied facility currently provides 7MW to tenants across 28,000 square feet of turn-key data center space and has capacity onsite to deliver an additional 17 MW of power capacity across 132,000 square feet of space to be developed as turn-key or powered shell data center space and approximately 60,000 square feet of multi-tenant and private suite business-continuity / disaster-recovery office space. The data center site is also entitled for a private, 50 MW substation and a 230,000 square foot expansion. fifteenfortyseven Critical Systems Realty (“1547”) acquired and redeveloped the property in 2012 from its previous use as office and light industrial/warehouse.
This transaction is the sixth for the CIM-1547 partnership and the second in less than a month. “With the partnership’s combined resources and the increasing market demand for flexible data center and BC/DR space, this facility is poised to grow substantially in the near term and positions the portfolio to serve tenants in key markets in the Northeast U.S. / Midwest / West Coast,” stated J. Todd Raymond, CEO of 1547.
Existing tenants include wholesale users such as a multinational cable service provider, a national data center services firm and a regional financial institution. The location of the property in Orangeburg is only 22 miles from Manhattan and provides competitive low latency connectivity from over ten network providers to critical New York Metro-area interconnection hubs. Furthermore, the site benefits from competitive Rockland County electricity rates and a full state sales tax abatement on tenants’ IT expenditures, resulting in a compelling overall cost of occupancy for customers.
The CIM and 1547 partnership has also acquired four other data center properties in major urban centers, including Chicago, San Francisco, and Toronto, as well as a stabilized single-tenant property in Cheyenne, Wyoming.
The acquisition adds to CIM Group’s growing portfolio of diverse infrastructure investments that includes renewable energy, urban parking facilities, water supply infrastructure, and waste solutions.
ABOUT CIM GROUP
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in urban real assets, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.
About fifteenfortyseven Critical Systems Realty
fifteenfortyseven Critical Systems Realty (1547) is a leading developer and operator of custom-designed data centers with over 800,000 square feet of data center space under development and management in Orangeburg, NY, Chicago, IL, Cheyenne, WY, San Francisco, CA, Markham, ON and Kapolei, HI. Central to the firm’s strategy is the ability to uncover the true intrinsic value of properties, opportunistically developing world-class data center facilities with a focus on providing tenants with customized mission critical solutions from concept through completion. 1547 was formed in 2011 by a group of experienced executives from the financial and data center industries to leverage their combined expertise to produce market leading data center development projects. Together, the team has over 60 years of experience in developing, renovating and operating data center space. This wealth of experience allows 1547 to be uniquely positioned to acquire, develop, and operate strategically-located, custom built data center properties. For more information, visit www.1547realty.com.