DataBank LGA3: nearly leased is stronger than merely built
FJI qualification held or pending: the full four-document gate, including project-specific government evidence, has not yet been accepted. Qualification evidence and decisions →
Project status: Fully operational and nearly fully leased at May 2025 opening; current metrics undisclosed. Capacity scope: Current comparable IT capacity not established in reviewed profile. How we verify evidence.
← Back to project index- Location
- Orangeburg, New York
- Readiness
- Operating
- Status
- Fully operational and nearly fully leased at May 2025 opening; current metrics undisclosed
- Confirmed companies
- DataBank; AECOM/Tishman, named general contractor
- Next milestone
- Updated billable utilization, customer concentration and separate LGA4 commitments
- Reviewed
- October 6, 2026
Expanded analysis · Original disclosures linked below · CAD and USD preserved as labeled · Company statements attributed; interpretations labeled.
The one-minute investment takeaway
Our analysis: LGA3 has both delivery and dated leasing evidence, making the financial question more specific than for a proposed campus. Investigate lease commencement, margins and concentration. The nearby LGA4 growth story remains a separate investment decision and should not be included in LGA3’s existing earnings.
Readiness basis: Classification of evidence in the reviewed profile; strongest documented phase, not full-campus completion. Fully operational and nearly fully leased at May 2025 opening; current metrics undisclosed Readiness source →
What the sources establish
- Operator / company disclosure Dated operating evidence. DataBank’s May 22, 2025 opening announcement calls LGA3 fully operational and nearly fully leased, including a leading cloud platform that it does not name. That statement is not an October 2026 utilization reading. Primary source →
- Operator / company disclosure AI connection. The announcement connects the facility to high-performance and accelerated computing and AI demand, but supplies no customer equipment inventory or site income. Primary source →
- Operator / company disclosure Project boundaries. DataBank identifies AECOM/Tishman as general contractor, locates the facility at 2000 Corporate Drive and discusses future LGA4 development separately. Primary source →
Who receives the money?
Our analysis of disclosed roles. Revenue routes are business-model interpretations, not estimates of booked project revenue.
| Company / exposure | Economic role | What investors need to establish |
|---|---|---|
| DataBank | Recurring facility rent and service economics | Billing commencement, concessions, customer mix and maintenance obligations. |
| AECOM/Tishman | Confirmed construction role | Award value, recognition timing and margin; role alone does not quantify earnings. |
| Unnamed cloud customer | Computing deployment and demand | Identity and contractual obligations are undisclosed; do not assign a specific cloud stock. |
How financially meaningful is it? Analyst interpretation
Our analysis: leasing reduces demand uncertainty, but “nearly fully leased” can include capacity whose rent starts later or requires additional owner-funded work. One large customer may create efficient operations and predictable cash flows while increasing credit and renewal concentration. Separate initial development profit, recurring property cash generation and any future expansion spending.
Recurring contribution = billable lease revenue plus net service margin minus unrecovered operating costs and recurring capital. Signed leasing, actual billing and customer electrical draw are distinct measurements.
Hypothetical illustration: USD 20 million contracted annual rent with 10% temporarily not billable produces USD 18 million before other adjustments. The USD 2 million gap demonstrates commencement risk; neither number is an LGA3 disclosure.
Milestones that would change the assessment
| Milestone | Evidence to watch |
|---|---|
| Leasing to billing | Updated ready-for-service and rent-paying capacity rather than repeating the opening claim. |
| Customer durability | Contract duration, concentration, credit protection and renewal terms. |
| LGA4 separation | Independent budget, permits, power and customer commitments before valuing the next facility. |
What could break the investment case?
Our analysis: Heavy dependence on a cloud tenant can expose the owner to concentrated renewal negotiations. High-density service can demand continuing capital even after opening. Counting LGA4 as delivered capacity would exaggerate current scale and conceal future funding requirements.
What would change our view?
Our analysis: Stable billable utilization, retention and well-compensated technical upgrades would strengthen the case. Deferred rent, expensive owner-funded changes or concentrated customer departures would weaken it. An opening ceremony is historical delivery evidence, not a recurring financial report.
What remains unknown Not established in this review
Current occupancy, billable MW, rental rates, tenant identity, site capital cost, operating margin, contractor award economics and LGA4 commitments remain undisclosed in the announcement.
Project research for information, not a buy recommendation. Financial illustrations use assumptions, not disclosed site results or management guidance.
Company investor information & quarterly statements
Corporate-disclosure certification held: DataBank: private-or-nonlisted-exception
DataBank
Project / facility operator identified in project-specific source; ownership economics and tenant contracts not certified
Disclosure verification held: Official investor and quarterly document coverage remains incomplete.
AECOM
General contractor identified by DataBank opening release
Official investor & shareholder information · Quarterly financial statements: FY2026Q3 ended June30 2026
Corporate disclosures provide company-wide context. They do not establish this project’s revenue, spending, profit, ownership share or operating capacity. Disclosure verification records →