Data center provider CoreSite Realty Corp. (NYSE: COR) announced Thursday that it is under “binding agreement” to expand its Reston holdings with the $60 million acquisition of the nearly 22-acre Sunrise Technology Park.
Brookfield Office Properties’ Sunrise Technology Park, which Denver-based CoreSite has agreed to buy, is a complex of four office buildings, totaling 315,000 square feet, located in the 12300 block of Sunrise Valley Drive. According to a release, CoreSite projects that it could build more than 660,000 square feet of new data center capacity across the parcel, growing its Reston portfolio to more than 1 million square feet.
The deal is expected to close in December.
In addition to the $60 million cost of acquisition, CoreSite expects to spend $90 million more on the first phase of the new development. Initial work will include the conversion of one 48,000-square-foot building into a data center, and the construction of two, 92,000-square-foot buildings — one data center…
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