DENVER--(BUSINESS WIRE)--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 acquired a two-acre land parcel in downtown Chicago, Illinois, on which CoreSite expects to build CH2, a greenfield development of a 175,000-square-foot, turn-key, four-story data center supporting 18 critical megawatts of power capacity.
CoreSite currently expects to commence construction on CH2 at the end of 2018 or the beginning of 2019, with timing dependent upon the receipt of necessary entitlements and permits. CoreSite expects to construct the building in three phases, consisting of 6 megawatts of capacity per phase, with a total estimated cost of $190 to $210 million at full build-out.
CoreSite’s CH2 enterprise-class data center will be located one mile from its existing CH1 facility and network node, and CoreSite plans to connect the two sites via diverse, high-count, dark fiber to create the type of campus interconnectivity most valued by its scale customers. CoreSite’s centralized downtown location, adjacent to the Board of Trade, continues to differentiate its data center offering, providing access to exceptionally low-latency connections for the many financial, healthcare, and media companies in this market.
With the development of CH2, CoreSite’s Chicago campus will provide current and prospective customers with:
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Ideal colocation environment for enterprises looking for scalable
high-performance capacity to meet high-density compute and storage
needs close to the edge
- Flexible colocation solutions including cabinets, cages, and build-to-suit suites
- Access to an already robust community, with high-performance connectivity to more than 30 natively deployed networks
- Access to leading cloud on-ramps including AWS Direct Connect, Microsoft Azure ExpressRoute, and Google Cloud Platform
- Access to on-demand cloud services through the CoreSite Open Cloud Exchange
- 24x7x365 remote hands services available from CoreSite’s certified, skilled technicians
- Tenured on-site facilities and operations team
- Best-in-class security features including 24x7x365 on-site security officers, key card access, biometric scanners and double mantrap entries
- A 100% uptime SLA guarantee and a long-running history of six 9s (99.9999%) uptime in the Chicago market
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Compliance support for industry-specific customer requirements
- System and Organization Controls (SOC) 2 Type 2 examination
- SOC 1 Type 2 examination
- International Organization for Standardization certification (ISO 27001)
- Payment Card Industry (PCI) Data Security Standard (DSS) validation
- Health Insurance Portability and Accountability Act (HIPAA) attestation
“We are pleased to have acquired land in downtown Chicago, providing us with much-needed capacity to serve new and expansion requirements of current and prospective customers in the fifth largest multi-tenant data center market in North America,” said Paul Szurek, Chief Executive Officer at CoreSite. “We expect CH2 to enhance our ability to compete effectively in the Chicago market for customer requirements seeking a high performance, cloud-enabled and scalable, higher density colocation solution.”
About CoreSite
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 1,200 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.
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: 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.
