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Chicago Commercial Real Estate

DATA CENTER SNAPPED UP

PI Data Holdings purchased a two-story data center at 601 W Polk and will partner with Facility Gateway Corp to build out an additional 25k SF. With data centers in high demand in the Chicago area, the formerly distressed building (constructed in 1927) will probably lease up fast with a fresh infusion of capital, Corporate Site Selectors’ Laurance Lewis, who brokered the sale, tells us. The building was in pre-foreclosure after its seller filed for Chapter 11bankruptcy and was contingent on finding an all-cash buyer, so the $10M price tag was higher than expected. But the sale price was far lower than what was being offered before the seller filed: over $13M.

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