X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ROYAL OAK, MI- A developer of network data transit systems has signed an agreement to lease an 80,000 sf warehouse in Royal Oak for a future network access station. ColoVault will spend $22 million to renovate the facility and fill it with telecommunications and Internet network equipment.

Dan Gitre, co-founder of the company, says the facility would be the first large and local network access point in Michigan. “In the truest sense of a metropolitan airport, we envision having a place where most of the major telecommunications companies can interconnect,” he says.He notes that Tier 1 and Tier 2 telecommunication providers will be able to connect together at the facility, which will also provide a place where local Internet providers can locate their servers.

“Royal Oak is a strategic location for the interconnectivity of long-haul fiber and local fiber, a new concept where fiber is put throughout metro areas in rings to provide broadband service to local business,” Gitre says.

The company signed a 15-year, long-term sublease for the eight-acre site. Gitre refused to comment on the lease rate.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.