CoreSite Realty (COR - Get Report) is one of those landlords that have it made. Its tenants never throw loud parties, leave beer cans in the street, skid around the parking lot or forget to water the plants. That's because its tenants are machines.
CoreSite is owner and operator of technology data centers, operating in one of the hottest sectors around. It supports more than 700 commercial customers across 12 data centers in seven major markets, and I bet none of them have a criminal record.
The firm began operations in 2001 as CRG West with two carrier-neutral data centers in California, and it now operates in Boston, Chicago, New York, Denver and Miami. It was originally created to meet the interconnection and data-center needs of customers at One Wilshire in Los Angeles and 55 South Market in San Jose. In fact, One Wilshire is considered the main hub of the Internet for the entire Pacific Rim, supplying the entire West Coast as well as several other parts of the world with connectivity.
After eight years of aggressive growth, the firm went from a data-center operator focused solely on the West Coast to a powerhouse with international reach. It went public in last 2010 and has continued its impressive growth -- shares soared 66% in less than 11 months.CoreSite has been led by chief executive Thomas Ray since 2001. He brought over a wealth of experience as the managing director of Carlyle Group's real estate funds, as well as the Security Capital Group of companies, which included ProLogis and CarrAmerica. CoreSite serves carriers, mobile operators, content and cloud providers and media, entertainment and global enterprises. It is full-service in every sense of the term, providing 24-hour support, implementation support managers who are assigned to every new customer move-in and ongoing advice on best practice, vendor contacts and optimization layouts. The company has several unique differentiators from peers, starting with its ability to serve a full spectrum of market demand from network-based to power to proximity requirements. CoreSite utilizes an in-house leasing team, which helps foster customer relationships and enables executives to stay close to the quickly changing needs and demands of clients.
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