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Follow on Google News | Cushman & Wakefield Facilitates $120-Million Condo Interest Sale of Verizon BuildingSabey Data Center Properties will convert 29 Floors of New York's 32-Story 375 Pearl Street into a Data Processing Center
By: Caryl Communications, Inc. "The importance of this transaction is three-fold," Verizon, which completed and opened the 1.1 million-square- Previously, 375 Pearl Street had been targeted for conversion to residential and office use, but Sabey recognized this building as a data center building because of the heavy floor loads, great access to connectivity and close proximity to the financial district. The Seattle, Wash.-based Sabey, which obtained financing from National Real Estate Advisors to complete the acquisition, will now transform the asset into a data processing center known as Intergate.Manhattan. Designed and constructed to accommodate heavy machinery, 375 Pearl Street features easy access to multiple fiber providers and high-voltage power for lower power costs to end users. For Sabey, the site will be that company's first data center on the East Coast. The company has announced plans to boost the building's electrical capacity to 40 megawatts of power when the conversion is completed in 2012. Target users include financial, medical, healthcare and technology research businesses. "Sitting at the confluence of the world's transatlantic cable and fiber routes, Intergate.Manhattan will be a crucial presence as our data center network continues to expand," said John Sabey, president of Sabey Data Center Properties. "We are delighted to be able to provide an essential service in a resurgent Lower Manhattan and to be part of its ascendance as a world capital for data-based enterprises." The Cushman & Wakefield International Data Center Advisory Group has 24 transaction experts in the U.S. and five overseas in the major markets. The group manages in-house more than 20 million square feet of mission critical space of which 9 million is raised floor. Miles Loo is one of the top data center appraisers in the country, and because of the group’s vast experiences, a team can be assembled for jobs across the U.S. and abroad. End
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