The historic Pittock Block building, a carrier hotel, colocation data center and office building located in downtown Portland, Oregon, has been acquired by investment company Harrison Street and data center operator 1547.
The 302,200 square foot colocation data center is one of the most connected buildings in the United States, serving 179 service providers, and is one of only two primary Internet Exchanges in the entire Northwest. Additionally, Hillsboro, located 18 miles to the west of the property and home to Intel, would be one of the fastest growing data center submarkets in the world, 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.”
Data Center Investment
Pittock Block is the second investment for Harrison Street and 1547 following the acquisition of the historic Wells Building, a carrier hotel and data center located in Milwaukee, Wisconsin. The acquisition is Harrison Street’s second carrier dense data center investment. Harrison Street has committed approximately $1 billion in digital infrastructure projects since 2018.
“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.”
1547 is a developer and operator of custom-designed data centers with over 1,300,000 square feet of data center space in Orangeburg, NY; Toronto, ON; Chicago, IL; Cheyenne, WY; San Francisco, CA; Kapolei, HI; Milwaukee, WI; and Portland, OR.
Founded in 2005 and headquartered in Chicago with an office in London, Harrison Street has more than 185-employees and approximately $30 billion in assets under management.