CoreSite Expands in Washington D.C. Market with New DC2 Data Center
February 23 2017 - 7:00AM
Business Wire
CoreSite Realty Corporation (NYSE:COR), a premier provider of
secure, reliable, high-performance data center and interconnection
solutions across the U.S., today announced that it executed a lease
providing for expansion in its Washington D.C. campus, where
CoreSite will increase its turn-key data center capacity with the
addition of DC2.
The 10-year lease - with renewal rights of three, 5-year
extensions at specified rental rates - is for 25,000 square feet of
shell capacity. CoreSite expects to commence construction during
the second quarter of 2017, and deliver the 25,000 square feet,
with a likely critical capacity of approximately 2 MW, during the
fourth quarter of 2017, at an estimated cost of approximately $20
million.
“We are excited about expanding our Washington, D.C. campus to
meet the new demand generated by our DC1 facility, which is the
premier network-centric colocation facility in the Washington, D.C.
sub-market. DC1 has more than 60 network, cloud and IT service
providers among our customer community,” said Paul Szurek,
CoreSite’s Chief Executive Officer. “In line with our campus
strategy, we will leverage the proximity to DC1 by procuring
high-count dark fiber connecting DC1 and DC2, enabling us to
fulfill performance-sensitive demand from networks, content
providers, cloud providers, locally-based enterprises,
latency-sensitive financial news organizations and government
agencies.”
In addition to its Washington, D.C. campus, CoreSite’s current
presence in Northern Virginia includes , two stabilized facilities
on CoreSite’s Reston, Virginia campus (VA1 and VA2), and one
facility in early development stages, part of CoreSite’s recently
announced expansion of its Reston campus (VA3). With the
expansion at DC2, CoreSite will have more than 1,097,000
square feet of colocation data center space upon full build out,
more than 2.5 times its previous square footage. CoreSite’s
customer community includes a diverse mix of government, financial
services and cloud service providers, as well as domestic and
international networks providing a direct connection to U.S. and
European markets. With the importance of Northern Virginia as a
communications and enterprise hub, CoreSite’s Reston and
Washington, D.C. campuses provide flexible colocation
and hybrid-cloud deployment solutions for customers
located in Washington, D.C. and the greater Northern Virginia
area.
About CoreSite
CoreSite Realty Corporation (NYSE:COR) delivers secure,
reliable, high-performance data center and interconnection
solutions to a growing customer ecosystem across eight key North
American markets. More than 1,000 of the world’s leading
enterprises, network operators, cloud providers, and supporting
service providers choose CoreSite to connect, protect and optimize
their performance-sensitive data, applications and computing
workloads. Our scalable, flexible solutions and 400+ dedicated
employees consistently deliver unmatched data center options — all
of which leads to a best-in-class customer experience and lasting
relationships. For more information, visit www.CoreSite.com.
Forward Looking Statements
This press release may contain forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements relate to expectations, beliefs, projections, future
plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. In
some cases, you can identify forward-looking statements by the use
of forward-looking terminology such as "believes," "expects,"
"may," "will," "should," "seeks," "approximately," "intends,"
"plans," "pro forma," "estimates" or "anticipates" or the negative
of these words and phrases or similar words or phrases that are
predictions of or indicate future events or trends and that do not
relate solely to historical matters. Forward-looking statements
involve known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond CoreSite's control that may
cause actual results to differ significantly from those expressed
in any forward-looking statement. These risks include, without
limitation: any adverse developments in local economic conditions
or the demand for data center space in these markets; operational
difficulties, including difficulties relating to information
systems, internal processes and information security; significant
industry competition; financial market fluctuations; and other
factors affecting the real estate industry generally. All
forward-looking statements reflect CoreSite's good faith beliefs,
assumptions and expectations, but they are not guarantees of future
performance. Furthermore, CoreSite disclaims any obligation to
publicly update or revise any forward-looking statement to reflect
changes in underlying assumptions or factors, of new information,
data or methods, future events or other changes. For a further
discussion of these and other factors that could cause CoreSite's
future results to differ materially from any forward-looking
statements, see the section entitled "Risk Factors" in CoreSite's
most recent annual report on Form 10-K, and other risks described
in documents subsequently filed by CoreSite from time to time with
the Securities and Exchange Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20170223005408/en/
CoreSiteGreer AvivVice President of Investor Relations and
Media/Public Relations303-405-1012Greer.Aviv@CoreSite.com
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