Facility Gateway Corporation has partnered with Pi Data Holdings (PDH) to develop and manage 601 West Polk, a data center and telecom building in downtown Chicago. PDH recently purchase of the building from Ten X Capital Partners.
Facility Gateway and PDH are working to bring more power into the building while expanding existing capacity. The building is situated on the primary fiber optic ring serving downtown Chicago providing the building’s existing tenants with diverse connectivity.
"Not only does 601 Polk have that rare confluence of power and connectivity, which is scarce in downtown Chicago, but if one needs more than 20,000 square-feet of real estate on a single floor, then 601 Polk is the only building in downtown Chicago that can accommodate that need today," says Laurance Lewis, President of Corporate Site Selectors, which represented Ten X Capital Partners in the recent sale.
The ownership change at 601 Polk comes shortly after Digital Realty Trust has leased the final chunk of available space at 350 East Cermak, the premier data center hub in the downtown Chicago market. In a recent market update, Grubb & Ellis describes Chicago as "the tightest data center market in the country"
"With an exhausted supply of real estate options in downtown Chicago, our goal for 601 Polk is to refuel those options so that we can accommodate the end users’ demands for more alternatives," said Jason Perry, COO of Facility Gateway Corporation. "When we found the property during site selection, it was apparent that 601 Polk would be a good investment and development opportunity."
The building will immediately undergo extensive renovations to its first floor. The 25,000-foot build-out will be supported by Facility Gateway’s experienced Engineering and Installation Division.