CoreSite Completes Memorandum of Understanding for Illinois Tax Incentive Opportunity Inclusive of CH2, CoreSite's New Downtown Chicago Data Center
CoreSite Realty Corporation (News - Alert) (NYSE:COR) (the "Company" or "CoreSite"), a premier provider of secure, reliable, high-performance data center, cloud and interconnection solutions in major U.S. metropolitan areas, today announced that it has executed a Memorandum of Understanding for the Illinois Data Centers Investment Program with the Illinois Department of Commerce and Economic Opportunity supporting its new ground-up data center development in downtown Chicago.
State of Illinois Data Center Investment Act and CoreSite's Final Memorandum of Understanding
In June 2019, the State of Illinois established a new Data Center Investment Act, led by Governor J.B. Pritzker, legislators, business leaders and organizations. This 10.25% tax incentive will be extended to CoreSite's participating customers for purchasing equipment as part of locating in CoreSite's qualifying new CH2 data center. "We are very pleased to be at the forefront of this new economic opportunity and to have completed our agreement with the State of Illinois," said Matt Gleason, CoreSite's Vice President and General Manager. "We look forward to working with prospective customers to pursue services at our new facility and to participate in this tax incentive opportunity."
CoreSite's New CH2 Ground-up Data Center Development in Downtown Chicago
CoreSite built its new data center facility, known as "CH2", in the heart of downtown Chicago. The Company's CH2 data center is a purpose-built, enterprise-class ground-up development with 167,000 square feet of modern data center space supporting 18 megawatts of critical IT draw at full completion. CoreSite completed Phase 1, comprised of 55,000 square feet and 6 megawatts of capacity, in June 2020. CH2 is part of a connected campus, leveraging CoreSite's existing CH1 data center, one of the top interconnected buildings in Chicago. CH2 is positioned to deliver purpose-built, scalable space ready to transform enterprises and support their digital journey with a:
CoreSite Advances Sustainability at New CH2 Data Center
As part of the requirements of qualifying for the Data Center Investment Program, CoreSite addressed sustainability by receiving the ENERGY STAR (News - Alert) certification. A few highlights of CoreSite's sustainability efforts at CH2 include:
CoreSite's CH2 Operations and Sales Team
"We're bringing on both sales and operational resources, while leveraging our campus resources and connectivity with our CH1 data center," said Matt Gleason. "Our sales team is working with prospective customers today for leasing of our highly connected new ground up CH2 data center facility." Interested parties should contact Ben Green, Vice President of Sales at Ben.Green@CoreSite.com or Audrey Dieckow, Assistant General Manager at Audrey.Dieckow@CoreSite.com for more information on data center colocation, cloud, interconnection and other services at CH2.
For those interested in qualifying for the tax incentive opportunity, see the link below for more information.
CoreSite Realty Corporation (NYSE:COR) delivers secure, reliable, high-performance data center, cloud, and interconnection solutions to a growing customer ecosystem across eight key North American markets. More than 1,350 of the world's leading enterprises, network operators, cloud providers, and supporting service providers choose CoreSite to connect, protect and optimize their performance-sensitive data, applications and computing workloads. Our scalable, flexible solutions and 450+ dedicated employees consistently deliver unmatched data center options - all of which leads to a best-in-class customer experience and lasting relationships. For more information, visit www.CoreSite.com.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "pro forma," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond CoreSite's control that may cause actual results to differ significantly from those expressed in any forward-looking statement. These risks include, without limitation: the geographic concentration of the Company's data centers in certain markets and any adverse developments in local economic conditions or the level of supply of or demand for data center space in these markets; fluctuations in interest rates and increased operating costs; difficulties in identifying properties to acquire and completing acquisitions; significant industry competition, including indirect competition from cloud service providers; failure to obtain necessary outside financing; the ability to service existing debt; the failure to qualify or maintain its status as a REIT; financial market fluctuations; changes in real estate and zoning laws and increases in real property tax rates; the effects on our business operations, demand for our services and general economic conditions resulting from the spread of the Novel Coronavirus ("COVID-19") in our markets, as well as orders, directives and legislative action by local, state and federal governments in response to such spread of COVID-19; and other factors affecting the real estate industry generally. All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in its most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.
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