CoreSite can now build an incremental 50 megawatts of capacity in Reston to support demand
DENVER--(BUSINESS WIRE)--Aug. 9, 2018-- 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 has received final approval from the Fairfax County Board of Supervisors to expand the scope of its planned development of its data center campus in Reston, Virginia.
With the approval of CoreSite’s application to modify zoning requirements, it can now build an incremental 289,000 net rentable square feet, or an incremental 50 megawatts, of data center capacity for a total of approximately 900,000 net rentable square feet, or more than 100 megawatts, at full campus build out, to support current and future customer demand in the largest data center market in the world. In addition, CoreSite customers can take advantage of the Virginia Data Center Retail Sales & Use Tax Exemption program towards the purchase of computer equipment and enabling software. CoreSite is the first, and only, data center provider to qualify in Fairfax County.
CoreSite acquired the 21.75-acre light industrial / flex office park in November 2016 to expand its existing Reston, Virginia data center campus. Upon full build out of its Reston expansion, CoreSite’s Northern Virginia data center footprint will comprise almost 1.4 million square feet, extending CoreSite’s position as a leading multi-tenant data center provider in Northern Virginia. CoreSite’s Reston expansion will leverage off of the strong position it has established at its Reston campus with over 175 customers, including access to more than 60 networks and over 50 cloud and IT service providers.
“We are pleased with the opportunity to expand our network-dense, cloud-enabled campus in Reston, through which Fairfax County enterprises have access to world class, cost-effective IT infrastructure and cloud products, and through which clouds, networks and content companies service the Northern Virginia community,” said Juan Font, Senior Vice President of General Management of CoreSite. “Our type of data center campus provides a unique community in which regional technology companies and enterprises with digital services can grow and scale rapidly.”
CoreSite’s Reston campus provides CoreSite’s customers with direct access to leading public cloud on-ramps, including AWS Direct Connect, Microsoft Azure ExpressRoute, Alibaba Cloud, and IBM Cloud Direct Link, as well as CoreSite’s Open Cloud Exchange. In addition to its cloud capabilities, CoreSite’s Reston colocation campus provides direct, low-latency network access to and from CoreSite’s data center campus in Washington, D.C., and key network access points along the Eastern Seaboard, enabling networks, cloud providers, and enterprises to scale, improve performance, and reduce costs.
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 1,350 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 450+ 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.
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.