Silverpeak, Legacy, and Oaktree Acquire Portfolio of Data Center Campuses in Cleveland and Cincinnati

NEW YORK–(BUSINESS WIRE)–Silverpeak and Legacy Investing, LLC in partnership with funds managed
by Oaktree Capital Management, L.P. (“Oaktree”) announced the
acquisition of a portfolio of office, industrial and data center
campuses in Cleveland and Cincinnati in a partial office space
sale-leaseback transaction with PNC Bank, N.A. The transaction
introduces financial grade, turn-key, Tier III data centers to the
Cincinnati and Cleveland markets, which historically have not been
available for lease. Totaling 70,000 square feet of leasable raised
floor space and 6.7MW of immediately-available N + 1 power capacity, the
data centers are designed to handle high performance computing and
feature 42” raised floors, liquid- cooled cabinets, and access to all
major fiber providers.

“We are pleased to invest alongside Legacy and Oaktree in a sector where
there is growing demand for high quality space,” said Brad Lebovitz,
Managing Director at Silverpeak. “The addition of these assets not only
expands our sector presence, but also introduces us to edge markets
where we see limited supply.”

“With this closing, we now have over 32MW under ownership, with current
inventory in multiple markets, including Cincinnati, Cleveland and
Northern Virginia,” said Jay Rappaport, CEO of Legacy. “We are very
proud to be adding the Cleveland and Cincinnati data centers, which were
purpose built by a large financial institution as their primary data
centers with over $60 million invested in each facility. These are ideal
facilities to support cloud and managed service providers as well as
financial, government, healthcare and life science companies.”

In the last twelve months, Silverpeak and Legacy have invested in over
540,000 square feet and 24MW of power capacity across five data center
facilities, all of which have significant, investment-grade anchor
tenants.

About Silverpeak

Silverpeak is an alternative investment management firm focused on
creating long-term value in three specific sectors: real estate, energy,
and credit. The firm’s sector-focused platform includes more than 100
employees who have invested in over $17 billion in gross asset value
since the firm’s founding in 2010. Further information is available at https://www.silverpeak.com/.

About Legacy Investing

Founded by technology executives, Legacy Investing, LLC invests in
mission critical data center (serving major enterprise, cloud and
managed services companies), industrial and office real estate across
the U.S. Legacy and its affiliates currently own/manage a portfolio of
U.S. real estate assets aggregating over 4 million square feet
throughout the United States, with total asset acquisitions aggregating
over $1B, representing over 16 million square feet.

About Oaktree

Oaktree is a leader among global investment managers specializing in
alternative investments, with $120 billion in assets under management as
of December 31, 2018. The firm emphasizes an opportunistic,
value-oriented and risk-controlled approach to investments in credit,
private equity, real assets and listed equities. The firm has over 950
employees and offices in 18 cities worldwide. For additional
information, please visit Oaktree’s website at http://www.oaktreecapital.com/.

Contacts

River Communications
Joe Collins, 914-686-5599
jcollins@riverinc.com

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