Global Crossing Will Anchor Miami Center

Commits to at least 125,000 sf in Technology Center of the Americas

CarrierHotels News Staff

June 14, 2000 -- Global Crossing Ltd. will be the anchor tenant in Terremark's 700,000 square foot Technology Center of the Americas (TECOTA) in downtown Miami, the companies announced today.
Global Crossing's Internet services subsidiary, GlobalCenter, Inc., will lease between 125,000 and 250,000 square feet for a networking and data center. The facility is being operated by T-Rex, a wholly-owned unit of Terremark.
The deal provides a strong start for the developers, who have large ambitions for the project.
"Our plan for TECOTA has always been to use this state of the art facility as the starting point and cornerstone for the development of telecom facilities in Latin America, one of Terremark's targeted emerging markets," said Manuel D. Medina, president, chairman and CEO of Terremark Worldwide, which is developing the center along with an affiliate of the Miami heat basketball team.
"Global Crossing's position as TECOTA's anchor tenant, combined with Global's extensive fiber network through Latin America, reinforce our belief that TECOTA will be a fundamental telecommunications hub for the Western Hemisphere,'' Medina added. Global Crossing's global fiber optic network serves 27 countries and more than 200 major cities.
The site is also envisioned as an economic development engine for the Park West/Overtown area of Miami. City officials have dedicated "significant time and incentives" to the project, according to Terremark.
``We believe TECOTA will not only have a substantial economic impact on the municipality, it will have great social impact as well - it will truly reinvigorate the area by anchoring the Park West Technology Corridor,'' said Jay Cross, president of the Miami Heat.