July 22, 2004 — (WEB HOST INDUSTRY REVIEW) — Terremark (terremark.com), an operator of integrated Tier-1 Internet exchanges and network services, announced earlier this week that it has entered into an agreement to purchase the Technology Center of the Americas, a 750,00 square foot data center facility based in Miami, Florida. TECOTA is home to the NAP of the Americas, owned and operated by Terremark.
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Under the deal, Terremark will pay $40 million and assume $35 million in debt. Terremark, currently considering financing options, said it expects the deal to officially close before September 30, 2004.
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“We are very excited with the opportunity to own our flagship facility in Miami,” says Manuel D. Medina, CEO and chairman of Terremark. “By owning TECOTA we will eliminate over $7.7 million of annual rent expense and have an additional 350,000 square feet of space for growth.”
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TECOTA’s roster of tenants includes the NAP of the Americas, in addition to Global Crossing, e-life Group, Sprint and the City of Miami’s Downtown NET office.
