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Digital Realty Trust Acquires Internet Gateway

Sterling Network Exchange Sells Phoenix Data Center for $175 Million
August 7, 2006
Sterling Network Exchange Co. of Northbrook, IL sold its Phoenix Internet data facility to Digital Realty Trust of San Francisco for $175 million, or about $500 per square foot.

Constructed in 1961 and rehabbed in 2000, the three-story, 347,000-square-foot facility is at 120 E. Van Buren St. The property serves as the primary hub and corporate data center for Internet traffic in the greater Phoenix area market. About 40 Internet data firms operate from the facility.

Mark Bauer of CB Richard Ellis/Phoenix represented the seller. Digital Realty Trust handled the deal in-house.

The acquisition comes in a series of recent transactions by Digital Realty Trust. The firm also purchased a 263,000-square-foot data center in Fort Worth, TX for $50.6 million, and a two-building, 33,000-square-foot complex overseas in Amsterdam, The Netherlands for $11.3 million. The Fort Worth facility is fully leased to Savvis Corp. for the next 15 years.

The firm's lone disposition in its recent dealings was the sale of Stanford Place II, a 366,000-square-foot office building in suburban Denver, for about $60.4 million. The sale produced about $18 million profit for the firm.
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