DuPont Fabros Technology, Inc. has announced that the its CH1 data center located in Elk Grove Village, Illinois is 100 percent leased. CH1 was constructed in two phases totaling 485,000 gross sq ft, 231,000 raised sq ft and 36.4 megawatts (MW) of critical load.
The company recently executed two new leases at CH1 to complete the lease-up: one in Phase I for 0.43 MW and the second in Phase II for 2.6 MW. The first lease is with an existing financial tenant in the company's New Jersey facility and will commence in the first quarter of 2013.
The second lease is with an existing tenant from the company's Northern Virginia facilities and commences in three phases. The first phase of 1.3 MW will commence in the first quarter of 2013. The remaining 1.3 MW will commence in equal parts in the third and fourth quarters of 2013.
All of these above leases commence on the first day of the quarters referenced. At 100 percent leased, CH1 has nine tenants with a weighted average lease term of 9.9 years and will achieve a 13 percent unlevered GAAP return on invested capital, based on the terms of the existing CH1 leases. As previously disclosed, one tenant in Phase II has the right to relinquish 2.6 MW, or 7 percent of the building, by notifying the company in the first quarter of 2013. No notice has been received as of today.
Additionally, the company also executed a new lease at its SC1 data center located in Santa Clara, CA for 5.69 MW, increasing SC1 Phase I from 44 percent to 75 percent leased. This lease will commence on the first day of the following three quarters: 2.28 MW in the first quarter, 2.28 MW in the second quarter and 1.13 MW in the fourth quarter of 2013. The weighted average lease term is 8.8 years. This new lease is with an existing tenant which recently renewed a lease at ACC3 and also leased space in Chicago as noted above.
"It has always been our goal to provide our tenants with the best quality and services," commented Hossein Fateh, president and chief executive officer of DuPont Fabros Technology, Inc. "We have further strengthened our relationship with these two tenants and are delighted they have elected to expand with us in new markets."