PHOENIX, AZ – Cushman & Wakefield, a global leader in commercial real estate services, announced today that IO has acquired 9.08 acres at the northeast corner of 48th and VanBuren streets near Sky Harbor International Airport for $8.55 million ($21.62 PSF). The company plans to build the country’s largest renewable-powered data center with an estimated investment of more than $500 million.
Founded in 2007, IO provides data center as a service to businesses and governments around the world. The company currently operates a data center at 615 N. 48th St., adjacent to the newly acquired property. IO operates six data centers worldwide, two of which are located in Arizona. The current Phoenix data center offers more than 120 MW of core power, and the new facility will add another 100 MW. The new facility is in the design phase, and IO plans to complete construction before year-end 2017.
Cushman & Wakefield Executive Director Jim Wilson represented IO in the land purchase. The property was acquired from Longmeadow Properties, LLP of Phoenix.
“The completion of this transaction speaks to each party’s willingness to work through the issues that always arise – to be advised by highly competent legal and real estate counsel and to remain committed to closing the transaction,” said Mr. Wilson.
Anthony Wanger, President and Founder of IO said, “It was a pleasure to work with Jim Wilson and his team at Cushman & Wakefield. They were professional, tireless and effective advocates for IO as we pursued this important real estate transaction.”
The IO data center will provide colocation service to a wide range of businesses throughout the Western U.S. Select IO customers identified on IO’s website include Goldman Sachs, Allianz, Choice Hotels International, CBS Interactive, Meritage Homes and Arizona State University.