CoreSite To Develop Expansive, High-Performance Data Center In
Secaucus, New Jersey To Meet Growing Demand
DENVER and SECAUCUS, N.J., Jan.
18, 2013 /PRNewswire/ -- CoreSite Realty Corporation
(NYSE: COR), a provider of powerful, network-dense data center
campuses and the CoreSite Mesh, which enables interconnected
communities of service providers and enterprises, today announced
the purchase and planned development of a new data center campus in
Secaucus, New Jersey.
CoreSite is under contract to acquire a 280,000 square-foot
building which will be referred to as NY2, on 10 acres of land in
Secaucus, New Jersey. At full
build-out, CoreSite expects NY2 will offer up to 18 critical
megawatts of capacity. In addition to NY2, the land site will
support additional data center development as market demand
warrants.
CoreSite anticipates closing on the acquisition in early
February, subject to customary closing conditions, beginning
construction to convert the existing building to data center
specifications in Q1, 2013, and delivering turn-key capacity in Q4,
2013. CoreSite expects to invest $65.0
million to acquire the facility, redevelop the powered
shell, and complete the initial phase of inventory consisting of
65,000 square feet. Further, CoreSite anticipates continuing to
invest in and scale the campus by constructing additional phases to
meet customer demand.
"CoreSite's entry into Secaucus
is an important step in the execution of our strategy to extend our
U.S. platform supporting latency-sensitive customer applications in
network-dense, cloud-enabled data center campuses," said
Tom Ray, President and Chief
Executive Officer, CoreSite. "Our New York campus is designed to
meet performance-sensitive customer requirements supported by our
location at the nexus of robust, protected, low-latency network
rings serving Manhattan as well as
global cable routes to Chicago,
Frankfurt, London, and Brazil. Additionally, customers are able to
connect directly to service nodes for Amazon Web Services Direct
Connect."
Pre-commitments from key CoreSite service partners and
preliminary interest shown by prospective customers in NY2
demonstrate the benefits CoreSite offers with the optimal
combination of cost-effective capacity and power, diverse
high-performance network connectivity, and interconnected
communities. The result for CoreSite customers is the ability to
propel growth and gain long-term competitive advantage. The
availability of direct connections to high speed networks in NY2 is
particularly interesting to financial firms looking to reduce
latency and improve performance. Supporting this goal and
reflecting the strength of the NY2 location and CoreSite's North
American operating platform, three network service providers have
pre-committed to serve NY2, consisting of CoreSite partners Sidera
Networks, Zayo, and Seaborn Networks, each of which provides
high-performance network support to the financial services, cloud
and network communities.
"The new CoreSite data center in New
Jersey fits perfectly with Sidera's growth strategy," said
Clint Heiden, President,
Sidera Networks. "This expansion
gives CoreSite customers immediate access to over 40 financial
exchanges and the Sidera Xtreme Ultra-Low Latency
Network."
"We are pleased to bring Zayo's Bandwidth Infrastructure
services, including Dark Fiber, Wavelengths, Ethernet and IP
services, into CoreSite's new NY2 facility," said Glenn Russo, EVP of Corporate Strategy and
Development, Zayo. "The Zayo and CoreSite relationship continues to
expand connectivity for current and future customers of both
companies."
"NY2 is an integral part of Seaborn Networks' plan for CoreSite
to serve as turnkey backhaul provider for the U.S. landing of
Seabras-1, our U.S.-Brazil
submarine cable with a planned Ready For Service (RFS) date of
Q1, 2015," said Larry Schwartz, CEO,
Seaborn Networks. "This is the first
step in CoreSite providing a full mesh backhaul and point of
presence network for Seabras-1's U.S. landing."
CoreSite intends to ensure the availability of high-capacity and
high-speed lit services as well as a robust dark-fiber tether
between NY2 and CoreSite's NY1 location at 32 Avenue of the
Americas in Manhattan, enabling
CoreSite to provide seamless interconnection across its
New York campus. The seamless
connection between NY1 and NY2 will provide distributed
direct-connect access to the CoreSite Mesh, creating one of the
most comprehensive cloud communities in the greater New York area and immediately bringing
together over 75 leading network service providers as well as
public, private, and hybrid cloud providers.
Digital content providers will also benefit from CoreSite's
reliable infrastructure and scalable campus that can support
continued growth in media consumption. Furthermore, the network
providers in the new NY2 location will enable low latency
connectivity within and among the fastest routes available to the
financial services community.
Following the launch of CoreSite's previously announced
fifteenth data center, located in Reston,
Virginia, the new Secaucus
data center will be the sixteenth data center in CoreSite's
national platform, which spans nine U.S. markets and includes more
than 275 carriers and service providers and more than 15,000
interconnections.
About CoreSite
CoreSite Realty Corporation (NYSE: COR)
is the data center service provider chosen by more than 750 of the
world's leading carriers and mobile operators, content and cloud
providers, media and entertainment companies, and global
enterprises to run their performance-sensitive applications and to
connect and do business. CoreSite propels customer growth and
long-term competitive advantage through the CoreSite Mesh by
connecting the Internet, private networking, mobility, and
cloud communities within and across its 14 high-performance data
center campuses in nine markets in North America. With direct access to 275+
carriers and ISPs, over 180 leading cloud and IT service providers,
intersite connectivity, and the nation's first Open Cloud Exchange
that provides access to thousands of lit buildings and multiple key
cloud on-ramps, CoreSite provides easy, efficient and valuable
gateways to global business opportunities. 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: delays in construction; adverse developments in
local economic conditions or the demand for data center space in
Secaucus, New Jersey; increased
operating costs; difficulties in completing the property
acquisition; changes in real estate and zoning laws and increases
in real property tax rates; and other factors affecting the
datacenter 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.
SOURCE CoreSite