Phase 1 of SV7 Expected to Be Substantially Complete in Q2 2016
DENVER--(BUSINESS WIRE)--Jun. 2, 2015-- CoreSite Realty Corporation (NYSE:COR), a premier provider of secure, reliable, high-performance data center solutions across the U.S., announced today the development of SV7 on its Santa Clara campus. CoreSite is initiating the build of SV7 in order to continue to meet growing demand for multi-tenant data center space in the Silicon Valley market.
SV7 will comprise approximately 230,000 square feet, of which CoreSite has pre-leased approximately 35,000 square feet under a lease executed in Q2 2015. Currently in preconstruction and anticipated to break ground in Q3 of this year, CoreSite expects to substantially complete Phase 1 of the building in Q2 2016. The completion of SV7 will increase the size of CoreSite’s Santa Clara campus to approximately 600,000 square feet.
CoreSite’s design of SV7 reflects the company’s focus on creating an interconnected environment comprised of enterprises, networks and cloud service providers to enable high-performance applications for CoreSite’s customers.
CoreSite’s Santa Clara campus provides:
“We are pleased to announce the continued growth of our Santa Clara campus and to be able to provide a valued customer with a scalable, flexible data center solution,” said Tom Ray, CEO of CoreSite. “Santa Clara has continued to be among the top markets in the U.S. in terms of annual absorption of data center capacity, and we believe that our SV7 development will bring added best-in-class capacity to this robust market. Further, the nearly 180 customers currently deployed within CoreSite’s data centers throughout Silicon Valley benefit from our continued expansion of the highly-interconnected environment in which their performance-sensitive IT applications are deployed.”
CoreSite Realty Corporation (NYSE:COR) delivers secure, reliable, high-performance data center solutions across eight key North American markets. More than 800 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 350+ 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: the geographic concentration of CoreSite'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; CoreSite's failure to obtain necessary outside financing; 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 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.