Multi-tenant data centers host a high diversity of applications with continuously changing demands. Applications require response times ranging from a few microseconds to seconds. Therefore, network traffic within the data center needs to be managed in order to meet the requested SLAs. Current feedback congestion control protocols may be too slow to converge to a stable state under high congestion situations. Sudden bursts of traffic from heterogeneous sources may render any reactive control inefficient. In this paper, we propose PACE, a preventive explicit allocation congestion control protocol that controls resource allocations dynamically and efficiently. PACE specifically addresses Data Center requirements: efficient network usage, flow completion time guarantees, fairness in resource allocation, and scalability to hundreds of concurrent flows. PACE provides micro-allocation of network resources within dynamic periods, lossless communication, fine-grained prioritization of flows, and fast adaptation of allocations to the arrival of new flows. We simulate PACE and compare it with recent proposed protocols specially addressed to Data Centers. We demonstrate that PACE is fairer, in particular for short flows, flows with different RTTs and a higher number of concurrent flows. It also maintains high efficiency and controlled queue usage when exposed to sudden bursts.