UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                     FORM 4

                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(f) of the Investment Company Act of 1940

[   ] Check this box if no longer subject to Section 16. Form 4 or Form 5
     obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*

    Blumenthal,                      Randall             A.
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   (Last)                           (First)             (Middle)
    c/o Goldman, Sachs & Co.
    85 Broad Street
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                                    (Street)

    New York,                        New York             10004
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   (City)                           (State)              (Zip)


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2. Issuer Name and Ticker or Trading Symbol

    StorageNetworks, Inc.
    (STOR)
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3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)


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4. Statement for Month/Year

    January/2001
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5. If Amendment, Date of Original (Month/Year)


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6. Relationship of Reporting Person(s) to Issuer
   (Check all applicable)

   [ X ]   Director                             [   ]   10% Owner
   [   ]   Officer (give title below)           [   ]   Other (specify below)



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7. Individual or Joint/Group Filing (Check Applicable Line)

   [ X ] Form filed by One Reporting Person
   [   ] Form filed by More than One Reporting Person

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                              Table I -- Non-Derivative Securities Acquired, Disposed of,                                          |
                                                 or Beneficially Owned                                                             |
====================================================================================================================================
                                    |            |            |                                |              |6.       |          |
                                    |            |            | 4.                             |5.            |Owner-   |          |
                                    |            |            | Securities Acquired (A) or     |Amount of     |ship     |          |
                                    |            | 3.         | Disposed of (D)                |Securities    |Form:    |7.        |
                                    |2.          | Transaction| (Instr. 3, 4 and 5)            |Beneficially  |Direct   |Nature of |
                                    |Transaction | Code       | -------------------------------|Owned at End  |(D) or   |Indirect  |
1.                                  |Date        | (Instr. 8) |               | (A) |          |of Month      |Indirect |Beneficial|
Title of Security                   |(Month/Day/ | -----------|     Amount    | or  |  Price   |(Instr. 3     |(I)      |Ownership |
(Instr. 3)                          |Year)       |  Code  | V |               | (D) |          |and 4)        |(Instr.4)|(Instr. 4)|
-----------------------------------------------------------------------------------------------------------------------------------|
                                                                                             
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |   01/10/01 |    P   |   |       500     | A   |  $19.75  |              |    I    |   01,02  |
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                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |   01/10/01 |    P   |   |       500     | A   |  $19.8125|              |    I    |   01,02  |
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                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |   01/10/01 |    P   |   |       500     | A   |  $20.00  |              |    I    |   01,02  |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |   01/10/01 |    S   |   |     1,500     | D   |  $19.75  |  11,087,447  |    I    |   01,02  |
====================================================================================================================================

Reminder: Report on a separate line for each class of securities beneficially
          owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction
  4(b)(v).

FORM 4 (continued)


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                    Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned                                 |
                            (e.g., puts, calls, warrants, options, convertible securities)                                         |
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               |        |        |       |               |                 |                        |       |9.      |10.   |      |
               |        |        |       |               |                 |                        |       |Number  |Owner-|      |
               |        |        |       |               |                 |                        |       |of      |ship  |      |
               |2.      |        |       |               |                 |                        |       |Deriv-  |of    |      |
               |Conver- |        |       | 5.            |                 |7.                      |       |ative   |Deriv-|11.   |
               |sion    |        |       | Number of     |                 |Title and Amount        |       |Secur-  |ative |Nature|
               |or      |        |       | Derivative    |6.               |of Underlying           |8.     |ities   |Secur-|of    |
               |Exer-   |        |4.     | Securities    |Date             |Securities              |Price  |Bene-   |ity:  |In-   |
               |cise    |3.      |Trans- | Acquired (A)  |Exercisable and  |(Instr. 3 and 4)        |of     |ficially|Direct|direct|
               |Price   |Trans-  |action | or Disposed   |Expiration Date  |------------------------|Deriv- |Owned   |(D) or|Bene- |
1.             |of      |action  |Code   | of (D)        |(Month/Day/Year) |             |Amount    |ative  |at End  |In-   |ficial|
Title of       |Deriv-  |Date    |(Instr | (Instr. 3,    |-----------------|             |or        |Secur- |of      |direct|Owner-|
Derivative     |ative   |(Month/ |8)     | 4 and 5)      |Date    |Expira- |             |Number    |ity    |Month   |(I)   |ship  |
Security       |Secur-  |Day/    |------ | ------------- |Exer-   |tion    |             |of        |(Instr.|(Instr. |(Instr|(Instr|
(Instr. 3)     |ity     |Year)   |Code |V|  (A)| (D)     |cisable |Date    |Title        |Shares    |5)     |4)      |4)    |4)    |
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Stock Option   |        |        |     | |     |         |        |        |             |          |       |        |      |      |
(right to buy) |  $8.00 |        |     | |     |         |   03   |01/27/10|Common Stock |    25,000|       | 25,000 |  03  | 01,03|
====================================================================================================================================

Explanation of Responses:

01:  The  Reporting  Person  is a  managing  director  of  Goldman,  Sachs & Co.
("Goldman Sachs").  Goldman Sachs is an indirect wholly-owned  subsidiary of The
Goldman  Sachs  Group,  Inc.  ("GS  Group").   The  Reporting  Person  disclaims
beneficial  ownership of the securities  reported herein except to the extent of
his pecuniary interest therein, if any.

02:  The  securities  reported  herein  as  indirectly  purchased  and sold were
purchased  and sold and were owned  directly  by Spear,  Leeds &  Kellogg,  L.P.
("SLK").  SLK  is an  indirect  wholly-owned  subsidiary  of GS  Group.  Without
admitting  any  legal  obligation,  Goldman  Sachs or an  affiliate  will  remit
appropriate profits, if any, to the Company.

Goldman Sachs and GS Group may be deemed to own beneficially and indirectly,  in
aggregate,   11,087,447  shares  of  Common  Stock  through  certain  investment
partnerships  of which  affiliates of Goldman Sachs and GS Group are the general
partner or managing partner (the "Limited  Partnerships").  Goldman Sachs is the
investment manager of certain of the Limited Partnerships.

03: These  options were  granted  pursuant to the Issuer's  Amended and Restated
1998 Stock Incentive Plan to the Reporting Person. These options are immediately
exercisable in full, subject to the Issuer's right to repurchase a percentage of
any shares of Common Stock issued upon exercise of these options ("Shares"),  as
follows:  If the Reporting  Person  ceases to be either an employee,  officer or
director of the Issuer at any time during the 12 month period  between  01/26/01
and 01/26/02,  the Issuer has the right to repurchase  50% of the Shares.  These
repurchase rights of the Issuer terminate in any event upon certain  acquisition
events of the Issuer or upon the death or disability  of the  Reporting  Person.
The Reporting  Person has an  understanding  with GS Group  pursuant to which he
holds such options for the benefit of GS Group.



By:  s/ Roger S. Begelman                                    February 7, 2001
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      **Signature of Reporting Person                             Date
            Attorney-in-fact

**     Intentional misstatements or omissions of facts constitute Federal
       Criminal Violations.

       See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this Form, one of which must be manually signed.
       If space provided is insufficient, see Instruction 6 for procedures.


       Alternatively,   this  Form  is  permitted  to  be  submitted  to  the
       Commission in electronic  format at the option of the reporting person
       pursuant to Rule 101(b)(4) of Regulation S-T.