Flexential Partners with Legacy Investing and Invesco Real Estate on 130,000 Square Foot Expansion in Plano, Texas

Rhea-AI Summary

Flexential has entered a leaseback agreement with Legacy Investing and Invesco Real Estate to expand its Plano, Texas data center by 130,000 square feet, more than doubling its capacity to over 260,000 square feet. This expansion increases the company's total Dallas market capacity to over 432,000 square feet, responding to the growing demand for data center services in the area. The partnership is positioned to facilitate quick market entry while providing investment opportunities for Legacy and Invesco. This follows an earlier partnership for Flexential's Hillsboro facility, showcasing robust brand value.

Positive

• Expansion of Plano facility by 130,000 square feet, more than doubling capacity.
• Total Dallas market capacity increases to over 432,000 square feet.
• Partnership allows quick market entry, addressing the growing demand for data center services.

Negative

• None.

CHARLOTTE, N.C., Aug. 5, 2021 /PRNewswire/ -- Flexential, a leading provider of data center colocation, cloud and connectivity services, today announced it has entered into a leaseback agreement with Legacy Investing and Invesco Real Estate. The deal will enable a 130,000 square foot expansion of Flexential's state-of-the-art Plano, Texas facility, more than doubling capacity at that data center to over 260,000 square feet and bringing Flexential's Dallas market capacity to over 432,000 square feet.

This agreement follows a recent sale-leaseback partnership with Legacy Investing and Invesco Real Estate for Flexential's Hillsboro 3 data center in Portland in April 2020. The continued support of Legacy Investors and Invesco Real Estate demonstrates the value of the Flexential brand overall and its franchise in the Dallas market.

With rapidly growing demand for data center services in Plano and the broader Dallas market, the partnership between Flexential, Legacy and Invesco Real Estate will enable Flexential to quickly and efficiently bring this project to market while giving Legacy and Invesco Real Estate an excellent investment opportunity.

"Our continued partnership with Legacy Investing and Invesco Real Estate allows Flexential to expand at an even faster rate to meet heightened demand in hypergrowth markets such as Plano, Texas and Portland," said Chris Downie, CEO, Flexential. "We are committed to continued investment in the 38 highly connected data centers in our platform of hybrid IT infrastructure solutions and are pleased that this partnership is enabling us to realize quick and efficient growth."

"We are pleased to continue our partnership with Flexential, a national market leader, to meet the massive and growing demand for data center services in the Dallas region," said Jay Rappaport, Legacy Investing CEO and co-founder. "This mutually beneficial partnership is part of our broader focus on data center real estate and will allow Flexential to concentrate its capital on operations to maximize its returns."

"We are pleased to continue expanding our data center footprint into a new market for Invesco Real Estate.  Our continued collaboration with Legacy and Flexential is representative of our growing commitment to the data center sector.  We look forward to significantly growing these important relationships in the future," said Joshua Siegel, Managing Director, Transactions, Invesco Real Estate.

About Flexential
Flexential empowers the IT journey of the nation's most complex businesses by offering flexible and tailored hybrid IT solutions comprised of colocation, cloud, connectivity, data protection, managed, and professional services. The company builds on a platform of three million square feet of data center space in 19 highly connected markets, and on the FlexAnywhere™ 100GB private backbone to meet the most stringent challenges in security, compliance, and resiliency. See how Flexential goes beyond the four walls of the data center to empower IT through an interactive map found on www.flexential.com.

Flexential is a registered trademark of the Flexential Corp. Follow Flexential on LinkedIn, Twitter, and Facebook.

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, cold storage, 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 Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $83.2 billion in real estate assets under management, 588 employees and 21 regional offices across the U.S., Europe and Asia (as of March 31, 2021). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.

Contact:
Courtney Gaudet,
303-579-4353
courtney.gaudet@flexential.com

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SOURCE Flexential

FAQ

What is the recent expansion announced by Flexential in Plano, Texas?

Flexential announced a 130,000 square foot expansion of its Plano data center, more than doubling its capacity to over 260,000 square feet.

How does the expansion affect Flexential's capacity in the Dallas market?

The expansion increases Flexential's total capacity in the Dallas market to over 432,000 square feet.

Who are the partners involved in Flexential's expansion project?

The expansion project involves a partnership with Legacy Investing and Invesco Real Estate.

What is the significance of the leaseback agreement for Flexential?

The leaseback agreement allows Flexential to quickly bring the expansion project to market while providing investment opportunities for its partners.