CIM Group Acquires Data Center in Chicago’s Central Business District
CHICAGO--CIM Group and fifteenfortyseven Critical Systems Realty (“1547”) today announced the acquisition of an operating data center located at 725 S Wells in the heart of Chicago’s business district. The 66,000-square-foot facility was purchased from Digital Capital Partners, LLC (“DCP”), a Chicago-based wholesale carrier-neutral data center provider.
Located in a fiber-rich, Tier 1 data center market, the newly acquired facility further expands the partnership’s data center portfolio with 5 MW of total in-place capacity. 725 S Wells is positioned atop of the Chicago “Fiber Ring,” providing tenants with access to more than 15 different fiber carriers and robust connectivity to 350 Cermak Road, Chicago’s largest and most interconnected data center.
“This established facility adds to our growing portfolio of data center properties that we believe will serve both existing technology and enterprise tenants as well as new customers,” said J. Todd Raymond, CEO of 1547. “With this new facility we will have the ability to provide customers of both of our Chicago facilities with access to a dense network of fiber providers and trans-continental connectivity to support their evolving business needs.”
This acquisition follows the July 2018 acquisition of the 230,000-square-foot Midway Technology Centre on Chicago’s South Side. Chicago serves as one of the top data center markets in the United States, functioning as a major hub for content delivery services due to its central location. With relatively low power costs, readily available access to trans-continental fiber networks, an increasingly large cloud ecosystem, favorable business climate, access to international financial exchanges, and low risk for natural disaster, the region will provide 725 S Wells’ and Midway Technology Centre’s customers with an advantageous location to host critical data and infrastructure.
“We’re very proud of the project we built from scratch, and are pleased to see the asset in the hands of the CIM/1547 partnership,” shares Christopher Jensen, Partner of DCP and Managing Partner of Anderson Pacific Corporation. “DCP is delivering a first-class facility with abundant fiber connectivity and room for expansion,” adds Bob Heiderscheidt, Managing Partner of DCP and CEO of MDI Access.
In addition to the acquisition of the Midway Technology Centre project, the CIM and 1547 partnership has also purchased data center properties in San Francisco, Toronto, and Cheyenne, Wyoming.
CIM Group’s expanding portfolio of diverse infrastructure assets includes renewable energy, water, transportation, waste management and communications infrastructure that supports urban communities in North America.
ABOUT CIM GROUP
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $56 billion of projects in communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and asset management experience in urban real assets, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.
About fifteenfortyseven Critical Systems Realty, LLC
fifteenfortyseven Critical Systems Realty (“1547”) is a leading developer and operator of custom-designed data centers with over 700,000 SF of data center space in Orangeburg, NY, Chicago, IL, Cheyenne, WY, San Francisco, CA, Kapolei, HI and Toronto, ON. Central to the firm’s strategy is our ability to uncover the true intrinsic value of properties and opportunistically develop world-class data center facilities. Our focus is providing tenants with strategic, customized mission critical solutions from concept through completion. 1547 was formed in 2011 by a group of experienced executives from the financial and data center industries to leverage their combined expertise in producing market-leading data center developments. Together, we have over 60 years of experience in developing, renovating and operating data center space. This wealth of experience allows 1547 to be uniquely positioned to work with each client to develop the best strategy to meet their specific needs -- from colocation to sale/leaseback, refurbishment or construction of a purpose-built data center. For more information, please visit www.1547realty.com.