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CoreSite Will Expand Reston Campus with $60M Purchase of Sunrise Technology Park

RESTON, VA—CoreSite expects it will invest between $400 million to $500 million to build out an additional 660,000 square feet of new capacity at Sunrise Technology Park.

By Erika Morphy | erikamorphy | | Updated on August 15, 2016
CoreSite's DC building. Photo by CoreSite. CoreSite’s DC building. Photo by CoreSite.
RESTON, VA— CoreSite Realty Corp. has a binding agreement to purchase the Sunrise Technology Park , a 21.75-acre flex office park from Brookfield Office Properties for $60 million . The park is less than a mile away from CoreSite’s Reston campus. The data center REIT is planning a multi-million-dollar build out at Sunrise Technology Park to enhance its Reston footprint.

The Sunrise Technology Park currently has four buildings totaling 315,000 square feet. Denver, CO-based CoreSite has its eye on building out an additional 660,000 square feet of new data center capacity for a grand total of 1 million square feet, or 2.7x the current size of the Reston campus.

The deal should close in the fourth quarter of 2016. CoreSite plans to start developing Phase 1 in the third quarter of 2017. Phase 1 will include a redevelopment of an existing 48,000 square-foot industrial building into a data center and building a ground-up 92,000 square-foot data center shell. A 92,000 square-foot structure will also be built to house the infrastructure that will support the planned full build out of the campus. All told, CoreSite estimates it will invest $90 million for these buildings.

The build out of Phase 1 should deliver in the second quarter of 2018.

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