Stonepeak, an alternatives firm focused on infrastructure and real assets, has entered into a joint venture with American Tower (NYSE: AMT) subsidiary CoreSite, called CoreSite DevCo JV, to develop, construct and operate an 18 megawatt data center in Denver.
Stonepeak is expected to hold 85 percent of the equity of the CoreSite DevCo JV, with CoreSite holding the remaining 15 percent ownership interest. CoreSite will operate the new data center, DE3. CoreSite operates 28 facilities across 11 U.S. markets and has built a presence in the Denver market over the past decade.
“We are excited to continue our long-term partnership with the American Tower and CoreSite teams to help accelerate investment behind key digitalization tailwinds,” says Andrew Thomas, senior managing director at Stonepeak. “We believe the CoreSite DevCo JV will immediately benefit from CoreSite’s leading interconnection platform in the fast-growing Denver market through dedicated dark fiber to CoreSite’s existing facilities, which provides DE3 customers with differentiated access to an established ecosystem on day 1.”
Sidley Austin LLP is serving as legal advisor to Stonepeak. Cleary Gottlieb Steen & Hamilton LLP is serving as legal advisor to American Tower, who is also being advised by Sullivan & Worcester LLP with respect to certain REIT and tax matters.