{"id":1004685496,"date":"2023-10-12T01:43:02","date_gmt":"2023-10-12T09:43:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004685496"},"modified":"2023-10-12T06:18:18","modified_gmt":"2023-10-12T14:18:18","slug":"arep-jv-kicks-off-northern-virginia-data-center-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/arep-jv-kicks-off-northern-virginia-data-center-project\/","title":{"rendered":"AREP JV Kicks Off Northern Virginia Data Center Campus"},"content":{"rendered":"
\"AOL<\/a>

The demolition is slated for completion by early 2024. Image courtesy of PowerHouse Data Centers<\/em><\/p><\/div>\n

PowerHouse Data Centers<\/strong>, a subsidiary of American Real Estate Partners<\/strong>, has begun demolition on a former AOL headquarters in Sterling, Va., where it will develop a new data center campus. The company, in partnership with Harrison Street<\/strong>, acquired the 43-acre site for $136 million in 2021, as reported by the Data Center Frontier. <\/strong><\/em><\/p>\n

PowerHouse Pacific will comprise three buildings totaling approximately 1.2 million square feet, along with a 2-acre power substation and will have a maximum capacity of 265 MW. The demolition is slated to finish by early 2024, enabling the power substation to commence construction in partnership with Dominion Energy<\/strong>, scheduled for completion in the summer of 2024.<\/p>\n

Current structures on the site include two parking garages, three office buildings, one mail hub and a pedestrian bridge. The buildings will break ground in the fall of 2024, with delivery anticipated in mid-2026. E.E. Reed Construction <\/strong>will serve as general contractor.<\/p>\n

A $1 billion commitment in Northern Viriginia<\/h2>\n

Located off Pacific Boulevard, the site is roughly 30 miles from Washington, D.C., and some 5 miles from the Dulles International Airport. It is also less than 3 miles from the joint venture\u2019s first data center project<\/a> in the area, the 265,580-square-foot ABX-1, which is now leased to CyrusOne <\/strong>on a 30-year term. These two developments are part of a $1 billion commitment<\/a> to construct 2.1 million square feet of data center space in Northern Virginia.<\/p>\n

Data center supply in primary markets saw a 12 percent increase in 2023’s first half, along with an all-time largest development pipeline for the asset type being recorded at 2,288 MW, representing a 25 percent year-over-year increase, a recent CBRE<\/strong> report shows. Northern Virginia has been the best performing market in the sector, registering a vacancy rate of 0.9 percent, the same source shows.<\/p>\n

The region continues to attract new investors, such as Digital Realty’s recent $1.5 billion joint venture agreement<\/a> with TPG Real Estate Partners for three data centers in the area.<\/p>\n","protected":false},"excerpt":{"rendered":"

The project is part of a $1 billion commitment to the market.<\/p>\n","protected":false},"author":3120,"featured_media":1004685497,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21755,21782,11,21742,1615],"tags":[33096,35104,36545,44141,51906],"class_list":["post-1004685496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-data-centers","category-development","category-midatlantic","category-latest","category-washington-dc","tag-american-real-estate-partners","tag-cyrusone-inc","tag-dominion-energy","tag-harrison-street","tag-powerhouse-data-centers"],"acf":[],"yoast_head":"\nAREP JV Kicks Off Northern Virginia Data Center Campus - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"PowerHouse Data Centers, a subsidiary of American Real Estate Partners, has begun demolition on the former AOL headquarters in Sterling, Va.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/arep-jv-kicks-off-northern-virginia-data-center-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AREP JV Kicks Off Northern Virginia Data Center Campus\" \/>\n<meta property=\"og:description\" content=\"PowerHouse Data Centers, a subsidiary of American Real Estate Partners, has begun demolition on the former AOL headquarters in Sterling, Va.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/arep-jv-kicks-off-northern-virginia-data-center-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-12T09:43:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-12T14:18:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/AOL-Demolition-e1697097079391.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"814\" \/>\n\t<meta property=\"og:image:height\" content=\"610\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Radu Corfus\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/arep-jv-kicks-off-northern-virginia-data-center-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/arep-jv-kicks-off-northern-virginia-data-center-project\/\",\"name\":\"AREP JV Kicks Off Northern Virginia Data Center Campus - 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