Terremark Subsidiary, T-Rex, Signs Global Crossing as Anchor Tenant of Technology Center of the Americas
MIAMI--(BUSINESS WIRE)--June 14, 2000--
Internet Services Company GlobalCenter will also be Housed in Facility
T-Rex, a wholly owned subsidiary of Terremark Worldwide (AMEX:TWW), the national leader in the development of telecommunications facilities, announced today that Global Crossing, Ltd. (Nasdaq:GBLX) and its internet services subsidiary, GlobalCenter, Inc. will establish a comprehensive networking and data center in the Technology Center of the Americas (TECOTA), a 700,000 square foot facility the company is developing in downtown Miami in partnership with an affiliate of the Miami Heat.
Global Crossing and GlobalCenter together will lease a minimum of 125,000 sq. ft. and as much as 250,000 sq. ft. Global Crossing will be the anchor tenant at the TECOTA facility, located at N.E. 9th Street and North Miami Avenue. The lease agreement is subject to confirmation of governmental incentives.
"Terremark's rapidly expanding international network of T-Rex branded telecom hotels is providing the telecommunications industry with desperately needed infrastructure. 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. 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," said Manuel D. Medina, president, chairman and CEO of Terremark Worldwide, Inc.
Global Crossing operates the first global, wholly owned fiber optic network with more than 101,000 route miles, serving 27 countries and 200 major cities. GlobalCenter Inc., a subsidiary of Global Crossing Ltd. is a leading Internet services business that delivers the only integrated Internet solution designed for scale in the global "e"conomy. GlobalCenters include many of the largest and most densely trafficked sites on the Web.
The NAP Committee of the Internet Coast has identified the vicinity of the TECOTA as the optimum area for South Florida's Network Access Point because of its proximity to undersea fiber optic cable terminating points, fiber networks, carrier locations, and overwhelming telecom carrier support for the downtown location.
Additionally, the Park West/Overtown area of Miami, where the TECOTA site is located, has been identified by the City of Miami, the Downtown Development Authority, and the Miami-Dade County Commission as a development priority for the Miami-Dade community. The City and affiliated entities have been instrumental in the development process and have dedicated significant time and incentives to the project.
"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.
Terremark Worldwide, Inc. (AMEX:TWW) is a publicly held, international company with subsidiaries and ventures providing network and value added telecommunications services; data, Internet and telecommunications switching and computer housing facilities; and a full range of real estate services (including development, construction, leasing, mortgage brokerage, property management and hotel management) for telecom facilities and more traditional commercial and high rise residential real estate. Terremark is headquartered at 2601 S. Bayshore Drive, 9th Floor, Miami, Florida (305) 856-3200, and has offices in several other locations, including New York and Washington, D.C. More information can be found on Terremark Worldwide, Inc at terremark.com. |
