CoreSite Eyes Major Data Center Expansion in No Virginia

CoreSite Realty plans to acquire the Sunrise Technology Park (STP) in Reston, Virginia, a 21.75-acre light-industrial / flex office park 0.3 miles from its existing VA1 and VA2 buildings. CoreSite expects pay $60 million plus transaction costs, followed by an additional $90 million to complete Phase 1 of the master-planned development.

CoreSite said it estimates that it could build over 660,000 square feet of new data center capacity across multiple phases on the new parcel, which currently hosts four buildings totaling 315,000 square feet.

Currently, CoreSite's Reston campus includes two facilities totaling over 390,000 square feet of turn-key data center capacity.

"CoreSite's expansion in the Reston market is an important step in the execution of our strategy to scale our business supporting performance-sensitive customer requirements across our network-dense, cloud-enabled data center platform," said Tom Ray, President and Chief Executive Officer, CoreSite. "This planned expansion to our Reston campus is designed to meaningfully scale our colocation offering in the important Northern Virginia market, leveraging off of the installed network-and-cloud capabilities already deployed at the campus. We believe that our Reston campus presents a nexus of robust, protected, low-latency network rings serving the market, while providing diversity from Ashburn. Additionally, we believe that the planned acquisition of the STP site will provide opportunities for CoreSite to continue its successful history of providing build-to-suit and wholesale data center solutions for customers with larger requirements. With the planned acquisition, we believe that CoreSite will be well-positioned for sustained growth in the important Northern Virginia market."

http://www.coresite.com/about/news-events/press-releases/coresite-to-expand-northern-virginia-campus