Peer 1 Expands at 151 Front Street
September 25th, 2008 By: Rich Miller
Peer 1 Networks has leased additional space at 151 Front Street, the primary carrier hotel in Toronto, and is also expanding its footprint in northern Virginia, the company said today. Peer 1 announced the expansions in its earnings report for fiscal year 2008, in which Vancouver-based provider reported revenue of $89.3 million and net income of $7.1 million. Those figures were improvements of of 20.6 percent and 94.5 percent, respectively, from the previous year.
Peer 1 said it will expand into an additional 5,478 square feet of space at 151 Front Street in Toronto, which will add 120 cabinets of capacity. The company said it expects to spend $2.5 million to convert the new space for data center use.
Peer 1 also said it has expanded its lease in a data center facility in Herndon, Virginia, adding 8,614 square feet of adjacent space. Since the previous tenant used the space as a data center, the conversion costs are expected to be approximately $1.6 million. The additional space is scheduled to be available in the first quarter of 2009.
“We have been busy expanding the capacity of our business and network to meet the needs of our present and future customers,” said Fabio Banducci, President and Chief Executive Officer of Peer 1, which is continuing to seek additional data center space in Vancouver and Toronto to meet the growing need for colocation services in those two markets.
Peer 1 also said that a July outage in its primary Vancouver data center resulted in $93,000 in customer credits. An underground circuit fire in Vancouver caused a major power outage, and the main generator supporting the Harbour Centre failed, cutting power to a data center operated by Peer 1.