Fifteenfortyseven Critical Systems Realty Acquires Property In Chicago’s South Side For Data Center Conversion
Marks Fourth Data Center with fifteenfortyseven Critical Systems Realty
CHICAGO – July 31, 2018 – CIM Group and fifteenfortyseven Critical Systems Realty (“1547”) today announced the acquisition of Midway Technology Centre, an approximately 220,000-square-foot vacant industrial campus consisting of a 5-story building and surface parking lots. Located at 40 East Garfield Boulevard between S. State Street and S. Wabash Avenue in Chicago’s Washington Park neighborhood, the property sits on 4.69 acres of an entire city block and was the former bread factory of the Schulze Baking Company that opened over a hundred years ago. The property is expected to be converted into a 26 MW Tier III+ data center with tech office space designed to address wholesale users’ increasing data and connectivity demands.
Midway Technology Centre is located in a fiber-rich area adjacent to multiple fiber-optic paths for metro and long-haul fiber into 350 E Cermak, the most interconnected data center in the central U.S. The historic industrial building will be rehabilitated and adaptively reused to accommodate a range of data center users seeking a presence in the greater Chicago metro area.
Chicago is one of the top data center markets in the United States and is a major hub for content delivery services due to its central U.S. location. Additionally, Chicago is an attractive data center environment due to its relatively low power costs, access to cross-continental fiber networks, large and growing colocation/cloud ecosystem, favorable business climate, international financial exchanges, and low risk of natural disasters.
“Midway Technology Centre’s connectivity directly to the primary interconnection facilities will appeal to providers of low latency applications and cloud services to the greater Chicago community. Additionally, with its location in both an Enterprise Zone and an Opportunity Zone, Midway Technology Centre is positioned to be a highly desirable option for all users of data center services. The acquisition of Midway Technology Centre further expands the partnership’s portfolio of premier data center assets in or adjacent to population centers to serve the growing data needs of businesses,” stated J. Todd Raymond, CEO of 1547.
CIM Group’s growing portfolio of diverse infrastructure assets include renewable energy, water, transportation, waste management and communications infrastructure that support urban communities in North America.
About fifteenfortyseven Critical Systems Realty, LLC
fifteenfortyseven Critical Systems Realty (“1547”) is a leading developer, operator, and owner of highly interconnected, custom-designed data centers with over 1.1 million square feet of data center space under management throughout North America and Europe. 1547 selects sites, designs facilities, and manages developments to optimize returns for all stakeholders across new and interconnected properties. With interconnection in the company’s DNA, 1547’s connectivity-focused portfolio of data centers includes carrier hotels and core connectivity hubs designed to deliver customized, mission-critical solutions from concept to connection. For more information, please visit www.1547realty.com.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994,
CIM has led more than $60 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 property 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.