Acquisition Adds to Terremark’s Growing National Network of T-Rex Telecom Hotels
FOR IMMEDIATE RELEASE
Contact: Olga M. Fraga
(305) 860-7863
ofraga@terremark.com
Miami, Fla.—(May 18, 2000) – Terremark Worldwide, Inc., (AMEX:TWW) added to its growing national network of telecom hotels today when its affiliate closed on the $4.6 million acquisition of a former Aetna office building in Hartford, Connecticut.
The property, located at 75-121 Brainard Road, had been used by Aetna to house its back-room operations. The project will be developed and managed by Telecom Routing Exchange Developers, Inc. (T-Rex), a soon to be acquired subsidiary of Terremark Worldwide. The three buildings, totaling 140,680 square feet, will be converted into a telecom hotel and bear the name “T-Rex Technology @ Hartford”. It is the latest acquisition in Teremark’s strategy to create an international network of branded telecom hotels known as “T-Rex.”
“We are pleased to add Hartford to our T-Rex network of facilities,” said Terremark President, Chairman and CEO Manuel D. Medina. “It demonstrates how once again how we are able to combine our vast expertise in both real estate and telecommunications to rapidly fill the demand by telecommunications and Internet-related companies for these facilities.”
T-Rex branded telecom hotels are large, structurally strong, environmentally controlled, highly secure buildings, leased by telecommunications companies, Internet service providers (ISPs), 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. T-Rex also operates the T-Rex Technology Center @ Boca Raton in Boca Raton, Fla, the Cleveland Technology Center in Cleveland, Ohio, and most recently, Terremark announced the formation of a joint venture with the Miami Heat to build a 700,000 square foot T-Rex, named the “Technology Center of the Americas,” in Downtown Miami, Florida. The company is also in negotiations for properties in a number of other cities including Providence, Hartford, Detroit and Denver. In addition, the company previously announced its intention to eventually expand the T-Rex network by building telecom hotels in Latin America and Asia, emerging markets in which Terremark has significant experience.
Terremark Worldwide, Inc. 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.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties or other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause such a difference include, without limitation, decline in demand for the Company’s services or products, the effect of general economic conditions generally, factors affecting real estate development or telecommunications and other risks and uncertainties detailed from time to time in the Company’s Securities and Exchange Commission filings.
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