Crane and Principal Asset ManagementSM to develop 100+ MW data center campus in growing Portland market

Rhea-AI Summary

Crane Data Centers and Principal Asset Management announced a new data center development in Forest Grove, Oregon, aiming for over 100 MW capacity. The first phase will include a 300,000 square-foot facility on a 35-acre site, starting with 50 MW of capacity. This strategic location near Hillsboro enhances its connectivity with multiple fiber paths and access to renewable energy. The collaboration emphasizes sustainability and aims to contribute positively to the surrounding ecosystem. Additionally, Principal Asset Management manages $98.5 billion in commercial real estate assets, showcasing a strong background in the sector.

Positive

• Development of a 100+ MW data center campus in Portland market
• First phase includes a 300,000 sq. ft. facility on a 35-acre site
• Initial capacity of 50 MW with plans to expand
• Strategic location near Hillsboro data center ecosystem
• Collaboration emphasizes sustainability and renewable energy access

Negative

• None.

SAN FRANCISCO, Jan. 16, 2023 /PRNewswire/ -- Crane Data Centers Inc., ("Crane") and Principal Asset Management, through its real estate investment team, announce today the development of a 100+ MW data center campus in the growing Portland market. The site is strategically located in Forest Grove, Oregon proximate to the Hillsboro data center ecosystem with multiple fiber paths, recycled water for cooling, and an onsite substation connected to the transmission grid providing access to low-cost renewable energy.

The first phase of the project includes a ~300,000 square-foot facility on a 35-acre site with an initial 50 MW of capacity with plans to expand to over 100+ MW.

"We're honored to partner with Principal Real Estate Investors to develop a new data center campus in the Portland market," says Matt Pfile, CEO, Crane. "We're excited to collaborate with the Principal real estate team and develop a data center campus that demonstrates our strong commitment to sustainability."

"This strategic partnership with Crane and data center investment in the Portland area is an exciting project for all parties involved and makes for an excellent addition to our current portfolio of data centers," adds Ben Wobschall, Managing Director, Real Estate, Principal Asset Management.

BMO Capital Markets Corp. and Compo Capital Advisors acted as strategic and financial advisors to Crane.

About Crane Data Centers
Headquartered in San Francisco, Crane is a data center developer and operator with a strong commitment to sustainability and customer centricity. Crane is dedicated to making a positive impact on the environment through innovative data center design and has extensive experience developing hyperscale data centers for the world's largest technology companies. For more information, visit cranedc.com.

About Principal Asset Management^SM 

With public and private market capabilities across all asset classes, Principal Asset Management^SM and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets.¹ Its dedicated real estate investment team manages or sub-advises $98.5 billion in commercial real estate assets.¹ The firm's real estate capabilities include both public and private equity and debt investment alternatives.

Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $484.6 billion in assets² and recognized as a Top 10 "Best Places to Work in Money Management³" for 11 consecutive years. Learn more at www.PrincipalAM.com.   

[1] As of September 30, 2022 
[2] Pensions & Investments, "The Best Places to Work in Money Management", December 12, 2022.  

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SOURCE Crane Data Centers, Inc.

FAQ

What is the new development announced by Crane Data Centers and Principal Asset Management?

They announced a new data center campus in Forest Grove, Oregon, targeting over 100 MW capacity.

What is the size of the facility in the first phase of the data center project?

The first phase includes a 300,000 square-foot facility.

When was the announcement about the data center campus made?

The announcement was made on January 16, 2023.

How much capacity will the data center have initially?

The initial capacity of the data center will be 50 MW.

Who are the strategic advisors for the data center development?

BMO Capital Markets Corp. and Compo Capital Advisors acted as strategic and financial advisors.