Equinix has renewed its leases for five Digital Realty Trust properties, in Chicago, Dallas, Los Angeles, Miami, and Washington DC.

All five leases were negotiated at market rates and include 15-year initial terms from the current lease expirations, as well as two approximately ten-year renewal options at pre-negotiated rental rates.

SVP for global real estate at Equinix said the renewal builds on a long-standing and productive relationship with Digital Realty.

“We are pleased to have negotiated mutually beneficial lease renewal agreements over effectively a 35-year period on these five assets at rates in-line with our expectations,"  Horowitz said.

“This represents an important step in managing our real estate portfolio and provides greater operational flexibility, predictability and consistency for key data center assets.

Digital Realty portfolio management SVP David Caron said these early renewals represent a win-win for both companies.

“They provide long-term operational certainty to a strategic customer, while simultaneously unlocking a portion of the embedded rent growth within our portfolio," Caron said.

"Furthermore, the cash rental rate uplift also provides a real-time read on the health of current data center pricing."