Data center provider CyrusOne buys 40-acre parcel in Loudoun County
Texas-based Data center provider CyrusOne has purchased a 40-acre parcel of Kincora — a 6.7-million-square-foot, mixed-use development property in Loudoun County.
The company said the purchase and ensuing construction activities are expected to result in more than $1 billion in new investment in Loudoun.
“The opportunity to add new real estate to our portfolio while also helping the Loudoun community grow and develop is the type of transaction that CyrusOne aspires to attain,” Kevin Timmons, CyrusOne’s chief technology officer, said. “Adding this new Northern Virginia location will not only benefit our growth trajectory, but is also vital to continuing to serve our Fortune 1000 customers along the East Coast.”
CyrusOne, based in Carrollton, Texas, now operates a 129,000-square-foot facility in Sterling and is nearing completion of a second data center on the property.
The company’s purchase of the Kincora property resulted in the first designated reimbursement to a public-private partnership that is funding the extension of Pacific Boulevard and Gloucester Parkway in Loudoun.
The Virginia Transportation Infrastructure Bank (VTIB), the lender for Kincora that is financing the Pacific Boulevard extension, received payment of more than $8 million when CyrusOne acquired the land. This figure represents the first designated repayment of VTIB proceeds from any road project funded by VTIB since its creation in 2011.
The Gloucester Parkway extension is anticipated to be completed in July, and the Pacific Boulevard extension has a target completion date of December 2016.
CyrusOne operates more than 30 data center facilities in the U.S., Europe and Asia. Among its more than 945 customers are nine companies in the Fortune 20 and more than 175 of the Fortune 1000.
Kincora was created when TRITEC Real Estate, which has offices in Bethesda, Md., and New York, and Norton Scott LLC joined forces to acquire and develop 424 acres along Route 7 and 28.
Kincora’s master plan provides for millions of square feet to be used as Class A office and retail space, three hotels, a dedicated cultural and science center, and 1,400 apartments and condominium homes.