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Thursday, 18 May 2000

Terremark Affiliate Purchases Telecom Hotel Site in Hartford

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May 19, 2000

MIAMI – An affiliate of Terremark Worldwide Inc. (AMEX:TWW ) has acquired a former Aetna office building complex in Hartford, Conn., for $4.6 million and will convert the site into a telecom hotel.

Telecom Routing Exchange Developers Inc. (T-Rex), a soon-to-be-acquired subsidiary of Terremark Worldwide, will develop and manage the project. Aetna has been using the property, located at 75-121 Brainard Road, to house its back-room operations.

The three buildings that comprise the site total 40,680 square feet and will bear the name "T-Rex Technology Center @ Hartford." It is the latest acquisition in Terremark's strategy to create an international network of branded telecom hotels known as "T-Rex."

T-Rex branded telecom hotels are generally large, structurally strong, environmentally controlled and highly secure buildings leased by telecommunications companies, Internet service providers, Internet content providers, co-location companies and other similar tenants to house and protect their massive switches, routers and computer hardware.

The Hartford site is Terremark's fourth T-Rex and its first one in the Northeast. The company is also in negotiations for properties in a number of other cities including Providence, R.I.; Hartford, Conn.; Detroit and Denver. The firm also plans telecom hotels in Latin America and Asia, emerging markets in which Terremark says it already has significant experience.

Carrier hotels have been playing a big part in boosting commercial rental rates across the country, especially in older, industrial cities like Philadelphia, Baltimore and Detroit. Go To Previous Story in the Commercial Real Estate Direct Archive. Extremely large and solidly built structures – many from the early part of the 20th century – are the buildings of choice for carrier hotel developers, but they are few and far between. Due to growing demand for this type of space, landlords can push rents well beyond the highest rents for Class-A office space in certain cities.


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Denver, Detroit
  • States: Connecticut, Florida, Rhode Island
  • Sector: High-Tech
  • Subject: Institutional Investment (INS), Property Acquisitions (ACQ)
  • Valuation: Less than $10 million
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