CHICAGO — Harrison Street and 1547 Data Center Real Estate Fund II LP, an affiliate of fifteenfortyseven Critical Systems Realty LLC (1547), acquired the historic Pittock Block building — a carrier hotel, colocation data center, and office building located in downtown Portland, Oregon.
The 302,200-square-foot building is one of the most connected buildings in the U.S., serving 179 service providers, and is one of only two primary internet exchanges in the Northwest. Additionally, Hillsboro, located 18 miles to the west of the property and home to Intel, is one of the fastest growing data center submarkets, further fueling growth within Pittock Block.
“Strategically located with direct access to seven subsea telecommunications cables, Pittock Block is a premier telecommunications internet exchange for the West Coast and represents the type of asset we are seeking to add to our connectivity-focused platform with Harrison Street,” said J. Todd Raymond, CEO of 1547. “We believe there is significant opportunity at Pittock as data center requirements continue to grow exponentially in the region. Our plan is to leverage the strong foundation built by the Pittock Block team and immediately expand data center and co-location capacity while simultaneously investing further into the building’s security and world-class meet-me-room.”
“Pittock Block represents a rare opportunity to acquire an established interconnection building with significant opportunity for growth,” said Michael Hochanadel, managing director and head of digital real estate at Harrison Street. “The Pacific Northwest continues to be a top destination for end users seeking highly connected data center capacity given its robust telecommunication infrastructure that provides low latency to key high-growth markets, including Asia. We are excited to expand our partnership with 1547 and acquire a highly strategic facility that will enhance our ability to deliver robust connectivity solutions. We look forward to continuing to identify and invest in critical digital assets.”