Microsoft has just announced the construction of a $500M data center in Northlake, Illinois. The site is located about 14 miles from downtown Chicago, and plans to be completed around the middle of next year.
The construction of the building is expected to employ upwards of 500 people, the center itself is only expected to employ 75 people after completion. Microsoft will use this location in order to be more competetive with Google and Yahoo. The Chicago site was based on the availability of electricity and fiber optic connectivity. The location was also selected because of it’s climate, they will capture cool air in order to cool the massive internet servers that it will be housing.
Tags: Commercial Real Estate Property Construction
A 66,217 square foot office building located at 212 Elm Street sold recently for $19.6M to Upland Capital Corp. The 4-story building in the Davis Square Neighborhood was owned and managed by Paradigm Properties.
Built in 1989, the building features both covered and surface parking. At the time of sale the building was 100 percent leased to tenants including; Arrowstreet Inc., Citizens Bank, and Powderhouse Productions Inc.
The Boston real estate firm, Meredith & Grew Inc. represented Paradigm Properties. Paradigm will continue to lease and manage the property.
Tags: Commercial Real Estate Property Sale Retail Office
A London based firm, Strategic Real Estate Advisors purchased the Fifth Street Towers for $186.4M. The sale also included the Riverpark building in Norwalk, Conn., for an additional $107.6M. The final sale price of $294M made this one of the largest U.S. real estate deals in the months.
The 25 and 36 story Fifth Street Towers total around 1.1M square feet, the price per square foot being around $170. The towers were 83 percent leased at the time of sale to tenants including publisher Augsburg Fortress, Qwest and law firm Leonard, Street, and Deinard.
The 4 story, 412,000 square foot Riverpark Building was purchased for about $270 per square foot. It was 97 percent leased at the time of sale to tenants including Priceline.com and Georgia-Pacific Corp.
The buyer, Stratreal was assisted by Atlanta based Carter Real Estate. The seller, CB Richard Ellis Investors was represented by brokers; Tom Holtz, Steve Buss and Ryan Watts of CB Richard Ellis.
Tags: Commercial Real Estate Property Sale Office Tower
Cardinal Cartridge, Inc signed a lease to occupy 61,500 sqare feet of industrial space at 2100 N. 15th Avenue in Melrose Park, Illinois. The Melrose Park property is a 300,000 square foot multi-tenant facility.
Cardinal Cartridge is currently housed at a 30,000 square foot facility in Elmhurst, Illinois. They are one of the leading producers of remanufactured printer and toner cartridges in the US.
Joel Friedlund, John Schwarze, and Marc Gensler, of Epic/Savage Realty Partners represented both parties in the transaction.
Tags: Commercial Real Estate Property Lease Industrial
Fingerhut Direct Marketing, Inc leased 93,146 square feet of the Superior Office Center at 6509 Flying Cloud Drive in Eden Prairie. The 204,000 single-story office complex is located near the intersection of highway 169 and 62. The building is located on a 16 acre parcel known as the Golden Triangle business area that has been redeveloped by United Properties.
Fingerhut will be moving from their current 35,000 square foot location in June 2008 after all interior renovations are completed. This move will allow Fingerhut to expand their business and increase staff in the coming years. The Superior Office Center was subdivided in 2005 with 70,000 square feet sold to Foss Swim School.
John McCarthy, United Properties Brokerage represented United Properties. Brent Karkula of CB Richard Ellis was the representative of Fingerhut.
Tags: Commercial Real Estate Property Lease Industrial
