MANASSAS, VA-Corporate Office Properties Trust has executed a lease with a Fortune 100 Global consumer electronics and technology company for 2 mega watts at its wholesale data center, COPT DC-6.
The center has 9 operational MWs out of a total potential capacity of 18 MWs. With this new lease, 6.3 MWs of the data center's 9 operating MWs are committed, which increases the percentage leased from 48% at June 30, 2013 to 70%.
COPT DC-6 was the REIT's Power Loft @ Innovation but the company has rebranded it. It is a purpose-built data center that bills itself as highly secure. "The caliber of the tenant and the size of this lease commitment illustrate the effectiveness of our re-branding and marketing efforts surrounding COPT DC-6," Roger A. Waesche, Jr., president and CEO of COPT says in a prepared statement. "We are pleased to see meaningful progress toward stabilizing this asset."
Manassas' data center market tightening measurably in the fourth quarter of 2012, Steve Budorick, EVP and COO, noted in the REIT's earning call last quarter. In April, he estimated that the Northern Virginia market has approximately 11 megawatts of wholesale capacity in Tier 3 properties that are competitive to DC-6. "We are currently tracking sufficient demand to fill DC-6 remaining capacity and the users behind that demand continue to be methodical in their decision-making," he told listeners on the call. "We expect the market supply will continue to tighten in the coming quarters."
He also said the REIT is working additional prospects to provide deployment scale above 250 watts per square foot.
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