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Front Page » Top Stories » Terremark Hopes To Take Control Of Technology Center

Terremark Hopes To Take Control Of Technology Center

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Written by on July 22, 2004

By Sherri C. Ranta
Terremark Worldwide Inc., hopes to buy out its partners to take full ownership of the Technology Center of the Americas, a 750,000-square-foot building in downtown Miami.

The center is home to an Internet traffic hub called a network access point, or NAP of the Americas.

Terremark this week announced an agreement with Calor Development, Barrow Street Capital and Lubert-Adler Management to purchase 100% of the equity interest in the building at 50 NE Ninth St., said spokeswoman Sandra Gonzalez-Levy. Terremark owns a small percentage of the center.

The company will pay $40 million and assume a $35 million mortgage on the building, she said. Terremark is looking for financing and expects to close on the transaction by Sept. 30.

"This just happened," she said. "It is a good business opportunity for us. It gives us additional space we need for growth."

The deal will eliminate the company’s $7.7 million annual rent expense for the building and expand its space by 350,000 square feet.

More than half of the six-story building is leased, she said. Tenants in the building, known as TECOTA and built in 2001, include NAP of the Americas, Global Crossing, e-life Group, a satellite-services company that rents space on the roof and Miami’s Downtown NET office.

Ms. Gonzalez-Levy said Terremark has some government contracts including with the military’s US Southern Command and Diplomatic Telecommunications Services, an agency that provides Internet access to embassies and consulates worldwide.

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