DENVER, Jan 20, 2011 (BUSINESS WIRE) --
CoreSite Realty Corporation (NYSE: COR), a national provider of powerful, network-rich data centers, today announced that the City of Santa Clara has approved CoreSite's application for entitlements to increase the size of CoreSite's data center campus at Coronado Drive and Stender Way in Santa Clara, California. The City's action entitles CoreSite to increase the density of its campus from 229,600 square feet to 496,250 square feet. The development rights will enable CoreSite to construct three new buildings in addition to CoreSite's existing 50,000 square-foot data center at 2901 Coronado Drive. The entitlements also allow for construction of a proposed electrical substation on the data center campus.
Included in the plan is CoreSite's data center at 2972 Stender Way, where CoreSite is currently constructing 101,000 square feet of data center space, doubling the size of the initial 50,400 square-foot entitlement. As was previously announced, CoreSite expects to complete the building in the third quarter of 2011. The 2972 Stender data center is being built to LEED Gold standards, featuring energy-efficient initiatives such as 97%-efficient UPS systems, air-side economization, and variable frequency driven (VFD) cooling units.
"Our Santa Clara data center campus demonstrates CoreSite's commitment to energy-efficient data center design," commented Billie Haggard, CoreSite SVP of Data Centers. "We'd like to thank the City of Santa Clara for sharing our vision of providing important infrastructure supporting economic growth in the region in a responsible, energy-efficient manner. The City's staff worked closely with our development team to approve our project plans while ensuring that the development is completed consistently with the City's environmental standards."
The planned buildings join CoreSite's three existing data centers in Silicon Valley, where CoreSite currently owns approximately 365,000 square feet of operating space. Full build out of the Santa Clara campus would bring CoreSite's Bay Area portfolio to more than 860,000 square feet supporting regional technology needs.
"The entitlement by the City of Santa Clara solidifies the development plan CoreSite presented when we went public. We're pleased to be on schedule with the project and to deploy the proceeds from our initial public offering as we outlined to the market," said Thomas M. Ray, President and Chief Executive Officer of CoreSite. "CoreSite remains focused on growing its national portfolio of intelligently designed, high-quality data centers, served by our integrated operating platform. We look forward to meeting the broad range of data center needs in the region, from single cabinets to private data centers, all served with abundant power, strong interconnection opportunity, and excellent customer support for data center and peering needs."
CoreSite Realty Corporation (NYSE: COR) delivers powerful, network-rich data centers that optimize, secure and interconnect the mission-critical IT assets of the world's top organizations. 600+ customers, including Global 1000 enterprises, cloud providers, financial firms, and Government agencies, choose CoreSite for reliability, service and expertise in delivering customized, flexible data center solutions. CoreSite offers private data centers and suites, cage-to-cabinet colocation, and interconnection services, such as Any2, CoreSite's Internet exchange. The company's portfolio comprises more than two million square feet, including space held for redevelopment and development, and provides access to over 200 network service providers via 11 data centers in seven key U.S. economic centers. Obtain more information at 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 the Company's control, that may cause actual results to differ significantly from those expressed in any forward-looking statement. These risks include, without limitation: the timely completion of planed construction, geographic concentration of the Company's data centers in certain markets and any adverse developments in local economic conditions or the demand for data center space in these markets; fluctuations in interest rates and increased operating costs; difficulties in identifying properties to acquire and completing acquisitions; significant industry competition; the Company's failure to obtain necessary outside financing; the Company's failure to qualify ormaintain our status as a REIT; financial market fluctuations; changes in real estate and zoning laws and increases in real property tax rates; and other factors affecting the real estate industry generally. All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the Company 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 the Company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the Company's final prospectus dated September 22, 2010, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.
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SOURCE: CoreSite Realty Corporation