Terremark Buys Site for Virginia 'Campus'
Terremark Worldwide (TWW) announced today that it has secured a 30-acre site in Culpeper County, Virginia for a new data center campus that could eventually include 250,000 square feet of space, The deal fulfils the company’s goal of expanding in the Washington, D.C. market. As part of a funding deal announced last week, Credit Suisse has agreed to purchase the site in Culpeper for $4.4 million and lease it back to Terremark. Terremark will have the option to purchase the property from Credit Suisse at the original purchase price plus accrued interest.
Terremark’s master site plan calls for up to five 50,000 square foot data center facilities, built in a modular approach based on customer demand. The company expects to invest $55 million to $60 million in construction of the first data center, which will break ground in June of 2007. Terremark hopes to begin installing customers in June 2008.
Each facility would be a highly secure stand-alone structure that could house either commercial or government customers. The new site will be linked to Terremark’s flagship NAP of the Americas in Miami, providing customers with access to the full range of networks and services in that facility.
“Terremark has been evaluating a number of locations for its new data center facility in the Washington/Virginia area for some time,” said Manuel D. Medina, Chairman of Terremark Worldwide, Inc. “The Culpeper County site has great attributes and supports our long-term objectives to solidify our market leadership and expansion program as well as meet our customers’ growing demands.”
“Terremark’s new campus will be among the largest colocation data center sites in the United States,” Virginia Governor Tim Kaine said in an official ceremony held today in Culpeper County. “High tech expansions of this caliber are a focus of my administration and the high-paying jobs it will generate will be a great asset to the region.”
In its initial announcement, Terremark said it hoped to build 90,000 square foot data centers in both the Washington and Silicon Valley markets, with a price tag of $55 million to $60 million for each facility.