Sheputis tells GlobeSt.com that in addition to the expansion he is in the planning process for a couple of other developments in major West Coast markets. "Despite a tough economic climate, demand for data center space continues to be a bright spot," he says. "To have a facility of this size fully leased in such a short time period should confirm the market strength of Silicon Valley."

Dan Golding, research director for Tier 1 Research says the co-location market is extremely strong for wholesale datacenter capacity, with the Silicon Valley being "one of the most under-supplied regions of the U.S., with datacenter demand exceeding supply for the past four years" in part due to tight credit markets making construction financing hard to secure.

"The few large, high quality datacenter projects on the market are in great demand from both enterprises and Internet content providers - particularly if they are energy efficient, which makes them less expensive to operate," Golding says.

Located at 2001 Fortune Drive, Fortune's Phase 1 data center, its only data center, uses 30% less energy than the industry average. Sheputis says he's confident the added capacity from phase two "will not only lower tenant operating costs, but also…lower power costs for our tenants."

The names of the tenants are not being released by the players involved. MMC Technology Inc., a subsidiary of computer disk drive leader Maxtor that manufactures recording platters utilized in magnetic disk hard drives, says it operates out of the building. The lease rates are being held close to the vest as well but can generally said to be comparable to Digital Realty Trust's turn key data center space, which rents for approximately $160 per square foot per year.