Nov. 5, 2003 -- Terremark Worldwide, Inc. will expand the NAP of the Americas by leasing the entire third floor of the Technology Center of the Americas (TECOTA), the Miami carrier hotel housing the operation.
The expansion lease for 149,184 square feet will double the size of the NAP, which currently occupies the second floor of TECOTA. The third floor is unfinished "shell" space, but will give Terremark the space for larger customer installations that can't be accommodated in the existing NAP facility.
"With the inquiries and pipeline we have, we feel strongly that this is the best way to go," said Sandra Gonzalez-Levy, a senior vice president at Terremark. "The third floor will give us the ability to customize space for larger customers."
The terms of the lease weren't released, but Gonzalez-Levy described them as "very good terms" and noted that the existing connectivity and infrastructure from the NAP facility would reduce costs for future tenant improvements.
Terremark pays about $6 million a year for the second-floor NAP space under its current operating lease, according to the company's August 10Q filing with the SEC.
"We are very excited with this new opportunity to expand the footprint of our flagship carrier-neutral Tier-1 NAP," said Manuel D. Medina, Chairman and CEO of Terremark Worldwide, Inc. "This expansion, together with our previously announced opening of the NAP of the Americas/West, is designed to accommodate our anticipated growth in the public and private sectors."
The NAP of the Americas/West is a 40,000 square foot data center in Silicon Valley that Terremark completed in 2000 for colocation customers. It is being activated to help provide connectivity for customers in the Pacific Rim markets.
The NAP's lease expansion is also a major development for the Technology Center of the Americas, the 750,000 square foot carrier hotel completed in 2001. Other tenants including Global Crossing, which leases the entire sixth floor, and Sprint, which has space on the fourth floor.
"Terrremark's expansion into the third floor of TECOTA enhances the unique advantages of the project, further demonstrating the state-of-the-art nature of the facility and its unmatched connectivity opportunities," said P.J. Yeatman, a representative of TECOTA's investors. "The NAP has unquestionably been a valued tenant and we look forward to its expansion."
Network Access Points (NAPs) are major intersections of the Internet, where the networks of local and regional access providers meet Internet backbones and pass Internet transmissions from one network to another. These public exchanges transmit enormous amounts of data to and from each connected network.
Terremark is a Miami-based provider of Internet infrastructure services.