CoreSite (COR) Chosen To Expand Paperspace Cloud Platform

The Denver, CO-based data center REIT – CoreSite Realty Corporation (NYSE:COR) – has been chosen by Paperspace to meet the requirements of its newly launched cloud computing platform. In pursuit of this, the Paperspace has accomplished data center deployments in CoreSite’s New York and Santa Clara campuses.

The deployment on both coasts reflects solid demand for secure, reliable, high-density, scalable, national data center platform operated by CoreSite. Specifically, it would offer access to leading enterprises, cloud providers and internet peering exchanges.

CoreSite’s New York campus includes data center facilities in Manhattan and Secaucus, NJ. This campus offers more than 280,000 square feet of high-performance data center capacity. The New York campus hosts over 45 network service providers and offers direct access to some of the leading cloud service providers.

On the other hand, the Silicon Valley data center market includes operational facilities in Santa Clara, San Jose and Milpitas. Currently, two additional data centers are under construction in Santa Clara. Following completion, these seven facilities will include roughly 780,000 square feet of data center capacity.

Around 200 customers connect for doing business in these Silicon Valley data centers. They range from enterprises, international and national carriers, social media companies, to cloud computing providers, and media and entertainment firms.

Notably, with growth in cloud computing, Internet of Things and big data, and an increasing number of companies opting for third-party IT infrastructure; data center REITs are experiencing a boom market. These REITs pulled in their capital and scored well on the return book, producing total returns of 8.9% in May.

CoreSite currently has a Zacks Rank #1 (Strong Buy).

Investors interested in the REIT industry may also consider stocks like DCT Industrial Trust Inc. (NYSE:DCT) , Douglas Emmett Inc. (NYSE:DEI) and PS Business Parks Inc. (NYSE:PSB) . Each of these stocks holds a Zacks Rank #2 (Buy).