01:24 PM EDT, 07/31/2024 (MT Newswires) -- American Tower ( AMT ) through its CoreSite subsidiary, agreed to form a joint venture with investment firm Stonepeak to design, build and operate a new data center in Denver, Colorado.

Under the terms of the collaboration, Stonepeak will own 85% of the CoreSite DevCo joint venture through its Stonepeak Opportunities Fund, while American Tower ( AMT ) will hold the remaining equity stake.

The new 18-megawatt facility, which will be built in three phases for an estimated price of more than $250 million, is about 3.5 miles away from CoreSight's existing two facilities in downtown Denver.

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