Plus   Neg

Iron Mountain Inks 27 MW Data Center Lease At Its New FRA-1 Data Center - Quick Facts

Iron Mountain Inc. (IRM), the storage and information management services company, announced Monday that it has signed a 27 megawatt data center lease with a U.S.-based Fortune 100 customer in Frankfurt, Germany, at its new FRA-1 data center.

As part of the agreement, the customer will lease the entire 27 megawatt turn-key data center, with the initial 9 megawatts of power capacity to be taken upon lease commencement. The customer is committed to scaling to the full 27 megawatts of power capacity within five years.

The lease is expected to commence in the second quarter of 2021, and has an initial term of ten years, with renewal options.

Iron Mountain has already pre-leased approximately 280,000 square feet, or 100% of its FRA-1 data center that is currently under construction.

FRA-1 is being developed in three phases, of 9 megawatts per phase, with Phase 1 expected to be complete in the second quarter of 2021. Full build-out of the data center is expected in the second quarter of 2022.

Iron Mountain now expects to significantly exceed its previous leasing target for new and expansion signings of 15 to 20 megawatts for full-year 2020.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Billionaire Warren Buffett's Berkshire Hathaway reported a profit for the second-quarter that increased 87 percent from last year, as the value of its investment portfolio increased with the stock market. But it took about $10 billion write down on the value of its Precision Castparts aircraft parts unit due to the impact of the COVID-19 pandemic. Operating profit declined 10 percent. Twitter has had preliminary talks with TikTok's Chinese owner ByteDance to buy the U.S. operations of the video-sharing app, the Wall Street Journal reported citing people familiar with the matter. Meanwhile, Microsoft has been the only company so far to say publicly it is pursuing TikTok. Pfizer said Friday it reached a multi-year deal with Gilead Sciences to manufacture and supply Gilead's investigational antiviral remdesivir for COVID-19 patients.
Follow RTT