Iron Mountain 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 turnkey data center, with the initial 9 megawatts of power capacity to be taken upon lease commencement. According to Iron Mountain, the customer is committed to scaling to the full 27 megawatts of power capacity within five years. The lease is expected to commence in 2Q21, and has an initial term of 10 years, with renewal options.
Iron Mountain pre-leased approximately 280,000 square feet, or 100 percent 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 the first phase expected to be completed in 2Q21. Full build-out of the data center is expected in 2Q22. The Frankfurt data center is designed with state-of-the-art specifications, offering dark fiber availability, allowing for increased interconnection options and low latency connectivity.
With the execution of the hyperscale lease in Frankfurt and the strength in first-quarter leasing activity, 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. The company anticipates providing an update on its full-year leasing target on its second-quarter earnings conference call.