Digital Realty Pays $39M for Chicago Data Center
October 5th, 2005 By: Rich Miller
Digital Realty Trust, Inc. has acquired Printers’ Square, an Internet data center facility in Chicago’s South Loop, for approximately $39.0 million, the company said today. The 161,500 square foot property is 85 percent leased, according to DRT, which describes the building as “an important Internet Gateway for the Midwest containing technical facilities for many telecom network service providers and their customers.”
The deal helps DRT beef up an already strong Chicago presence. Earlier this year the real estate investment trust (FEIT) bought the Lakeside Technology Center in Chicago for $140 million. The improved space at the 1.09 million square foot Lakeside property is nearly fully-leased, with providers including Qwest, MCI, AT&T, Level (3), T-Systems, Bell Canada, OnFiber Communications, Looking Glass Networks and SBC Communications.
Digital Realty also announced the purchase of a 112,500 square feet data center property in Amsterdam for approximately 14.0 million Euros about $16.7 million US). The three building data center facility is located in the Amstel Business Park West, close to downtown Amsterdam. Originally built in 1988, the buildings were redeveloped in 2000 as a mission critical facility. A single tenant currently leases 65 percent of the space.
“Printers’ Square is an important hub for high-speed telecom networks including major Canadian carriers,” said Michael Foust, Chief Executive Officer of Digital Realty Trust. “Together with Lakeside Technology Center, this acquisition enhances our market leading position as the dominant provider of mission critical facilities for telecom network providers and corporate data center users in the Midwest.
“In addition, the Amsterdam property provides us with improved data center space available for new tenants during a period of increasing demand for technology-related facilities in Europe,” Foust added.