Digital Realty Trust, Inc. has completed the acquisition of 400 South Akard Street, known as The Databank Building, a data center facility totaling approximately 269,600 sq ft located in Dallas.

"This highly strategic building features large floor-plates, high ceilings, and robust floor loading making it an attractive alternative for customers in the Dallas area looking for high quality data center space in the downtown Dallas market," said Michael Foust, chief executive officer of Digital Realty. "With extensive network connectivity, including to our 2323 Bryan Street Internet Gateway, the 400 South Akard Street facility is an ideal complement to our Dallas portfolio."

"The property is currently 85 percent leased to eight tenants with approximately 85 percent of the base rental revenue stream secured by long term leases with two tenants through at least 2024," added Scott Peterson, chief acquisitions officer of Digital Realty. "While there is an attractive value add opportunity in building out and leasing the balance of the available space in the building, we expect to achieve attractive returns based on our conservative underwriting, which assumes the property continues to operate at its current occupancy throughout the investment horizon."

The existing facility delivers approximately 11.7 MW of critical load, with the ability to expand to up to 18 MW. The property is located in the central business district of Dallas, approximately 1.5 miles from Digital Realty's 2323 Bryan Street property.