Legacy Investing Closes Lease with Cogent Communications at Firm's Newly Expanded T5@Minneapolis Data Center

Rhea-AI Summary

Legacy Investing has successfully finalized a lease with Cogent Communications at the newly expanded T5@Minneapolis data center, located at 1001 Third Avenue South, Minneapolis. The facility offers 3.9MW of turnkey capacity, catering to data center tenants. Cogent's addition enhances the ecosystem for current and future tenants, leveraging T5's operational capabilities. This strategic move emphasizes Legacy's focus on mission-critical real estate in the technology sector, supported by its partnership with T5 Data Centers, known for managing substantial data center operations.

Positive

• Successful lease agreement with Cogent Communications enhances tenant ecosystem.
• T5@Minneapolis offers 3.9MW of immediately available, turn-key capacity.
• Strategic partnership with T5 Data Centers, known for managing large-scale data operations.

Negative

• None.

MINNEAPOLIS, April 14, 2021 /PRNewswire/ -- Legacy Investing, an investment and commercial real estate investment firm focused on technology-based properties, announced today the close of a data center lease with Cogent Communications in their newly expanded T5@Minneapolis data center at 1001 Third Avenue South in downtown Minneapolis, MN.

"When we identified this property in the heart of Minneapolis, we knew it would be ideal for data center tenants who seek the benefits of operating in an edge facility," said Legacy Investing president and founder Daniel English. "As the only purpose-built data center in downtown, it's a great example of our strategy to provide mission critical real estate for data center operators and tenants across the country."   

The building is managed and operated by T5 Data Centers, a premier national data center operating company. Newly expanded, T5@Minneapolis offers 3.9MW of immediately available, turn-key capacity within private suites, including technical office space, conference area, and tenant lounge.  The building is served by access to 74 network providers, now including Cogent. 

"Cogent Communications not only desires the access this property provides, but appreciates our ability to provide a custom solution that meets their business needs," said Justin Kline, Legacy Investing VP of Portfolio Development. "Cogent adds to the ecosystem of the building, enhancing synergies for all tenants, current and future."

Legacy strategically developed its partnership with T5 based on their track record of data center operations, compliance, and colocation services. T5 currently houses and manages data centers for a variety of robust and marquee hyperscale and Fortune 500 clients.

This fully secured Class A facility has a resilient, concurrently maintainable infrastructure, enabling it to accommodate all types of mission critical tenants in caged environments or dedicated halls up to 47,000 square feet. Retail mattress giant Sleep Number is the primary tenant.

Cushman & Wakefield's Sean Brady, Randy Borron, and Justin Baratz represented Legacy Investing. Scott Becker of Jones Lang LaSalle and Jonathan Larsen of Avison Young represented Cogent Communications.

About Legacy Investing, LLC 
Headquartered in Northern Virginia and founded by seasoned technology company executives, Legacy Investing focuses on mission critical real estate impacted by new technologies: digital and physical supply chains, future workplaces, and life sciences. Legacy's principals have leveraged this platform and their public company C-level experience across the past two decades to complete more than $2.75 billion in transactions across 19 million square feet of data centers, e-commerce distribution centers, modern office buildings, and life sciences facilities on behalf of select family office and institutional investors. Legacy leverages its expertise on technology's impact on tenant demand, site selection, and leasing to target and position properties to meet those needs and create long-term real estate value. For more information, see www.LegacyInvesting.com.

About T5 Data Centers
T5 Data Centers is your full lifecycle data center partner, offering customized build-to-suit, wholesale turnkey or powered shell data center solutions.  As the industry's only full lifecycle provider, T5 offers customers critical facility construction and its Uptime Award Winning facility management and operations services. T5 currently operates over 500 MW of critical load across 50 data centers and offers turnkey solutions in 9 U.S. markets.

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

MEDIA CONTACT:
Julie Chase
jchase@chasepr.com 
202.997.8677

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SOURCE Legacy Investing, LLC

FAQ

What is the significance of Legacy Investing's lease with Cogent Communications?

The lease enhances the tenant ecosystem at the T5@Minneapolis data center, providing synergies for current and future tenants.

What capacity does the T5@Minneapolis data center offer?

The T5@Minneapolis data center offers 3.9MW of immediately available, turn-key capacity.

When was the lease with Cogent Communications finalized?

The lease was announced on April 14, 2021.

What is the location of the T5@Minneapolis data center?

The T5@Minneapolis data center is located at 1001 Third Avenue South, Minneapolis, MN.

Which company operates the T5@Minneapolis data center?

The T5@Minneapolis data center is managed and operated by T5 Data Centers.