Digital Realty will be responsible for the day-to-day operations of the property on behalf of the joint venture, which includes Pelio & Associates of Saratoga, CA. The partnership considers Santa Clara to be one of the markets of highest demand for datacenter space in the country with very limited supply of move-in ready facilities.
Located at 1500 Space Park Dr., the property abuts Digital Realty's 1100 Space Park facility and is within one mile of its other Santa Clara buildings. Digital Realty CEO Michael Foust says the near-term plan is to prepare the existing building with 34,000 sf of move-in ready datacenter space and then construct he additional buildings "in response to market demand."
Digital Realty owns 66 properties totaling 11.9 million sf (net rentable) located in 26 markets in North America and Europe. The cost of Digital Realty's 50% stake in the new Santa Clara JV was not immediately available. Digital Realty declined to provide the financial details of the JV agreement and had not yet filed any information regarding the transaction with the SEC.
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