Digital Realty, a global provider of cloud- and carrier-neutral data center, colocation, and interconnection solutions, has announced a joint venture with Mitsubishi Corp to develop two data centers in the Dallas area. These data centers are 100% pre-leased to an S&P 100 investment-grade customer on a long-term basis.

Headquartered in Austin with an office in Dallas, Digital Realty’s Chief Investment Officer Greg Wright expressed excitement about expanding their partnership with Mitsubishi. This joint venture, which leverages their Japanese partnership in the United States, aims to support their customer’s data center requirements. Mitsubishi has acquired a 65% equity interest in the venture for an initial contribution of around 0 million, while Digital Realty will maintain a 35% interest and manage the development and operations.

The construction of the two data centers began in the fourth quarter of 2022, with the first phase expected to deliver 16 megawatts of initial data center capacity. The total budget for the first phase is approximately 0 million. The customer has the option to expand the projects up to 48 MW of total IT load during the initial lease term, potentially increasing the combined budget to 0 million.

Wells Fargo Securities acted as the financial adviser to Digital Realty on this transaction. The first phase of the project is scheduled to launch in late 2024. This partnership reflects a strategic move by both companies to meet the evolving demands of the data center industry.

JLL Capital Markets recently facilitated a joint venture equity partnership for the upcoming Allesandro Apartments project, a 43-unit multifamily development located in the Echo Park area of Los Angeles. A.J. Khair Construction, Inc. is the sponsor of this project, and JLL Capital Markets worked on their behalf to secure the JV equity partnership.

The specific terms of the transaction remain undisclosed at this time. The equity advisory team from JLL Capital Markets, comprised of senior managing director Jeff Sause, director Chad Morgan, and analyst Jalynn Borders, led the negotiations for this partnership.

Scheduled for completion in 2026, the Allesandro Apartments project will feature spacious one- and two-bedroom units, with an average size of 928 square feet. Positioned at 1667 Allesandro St., the property is situated on the border of the Echo Park and Silver Lake neighborhoods, which are among the most densely populated areas in Los Angeles. The location provides easy access to Downtown, Koreatown, Los Feliz, and major Southern California freeways such as I-5, US-101, and I-110.

The area surrounding the property is rich in cultural amenities, making it an attractive location for residents. This development is poised to offer a high quality of living in one of LA’s premier neighborhoods, with convenient access to key transportation routes and local attractions.