CBRE announced it represented TMGcore, a blockchain technology company, in its acquisition of a cryptocurrency mining facility in Plano, Texas.
CBRE’s R. Haynes Strader, Jr., Senior Associate, Brant Bernet, Senior Vice President, and Chris Herrmann, Senior Vice President, represented Pinchal & Company, LLC and its tenant, TMGCore, in its acquisition of the facility from Dallas-based Skybox Data Centers. At more than 150,000 sq. ft. and fully capable of a 100-megawatt (MW) live power load, TMGcore's mining operation will be one of the largest independently owned facilities in the United States. Construction commenced in April 2018 and the first phase is expected to be complete in July 2018.
“Blockchain is having a significant impact on real estate around North America, primarily related to cryptomining operations,” said Mr. Strader. “We were pleased to have the opportunity to advise TMGcore on its real estate strategy for this exciting and innovative project.”
TMGcore has developed a unique use case with a fluorochemical coolant that delivers smart, safe and sustainable cooling for industrial technology operations. TMGcore will be one of the first companies to utilize this compound at the heart of an enterprise scale cryptocurrency mining apparatus.
"Leveraging the magic of this coolant and groundbreaking mining circuitry, we saw a massive opportunity to capitalize on the nascent and highly lucrative mining industry in a physical, tangible and industrial fashion," TMGcore CEO, JD Enright. "Our American-made, U.S.-driven approach not only pushes the blockchain ecosystem forward but also creates job opportunities for Texas' fast-growing technology community.”
The Dallas-Ft. Worth area is the second-largest data center market in the U.S., with 252 MW of inventory as of the end of 2017, according to CBRE Research. DFW is also a strong market for tech talent, ranking #12 on CBRE’s recent Scoring Tech Talent report, which uses 13 metrics to measure each market’s depth, vitality and attractiveness to companies seeking tech talent and to tech workers seeking employment.
CBRE has the world’s only fully integrated data center real estate service offering, providing strategy, acquisition and disposition representation, project management and facilities management from a single provider. More information on CBRE’s data center capabilities can be found here.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
