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Digital Realty Closes $143M Lakeside Tech Center Buy

CHICAGO-Houston-based El Paso Corp. sheds the 1.1-million-sf "carrier hotel" at 350 E. Cermak Rd. to reduce its debt load. Menlo Park, CA-based Digital Realty Trust expects a 9% cap rate on the former R.R. Donnelly Co. printing plant.

By Mark Ruda | Updated on May 31, 2005

CHICAGO-Digital Realty Trust, Inc. has closed on its $142.6-million purchase of the Lakeside Technology Center, its first property in the market. Houston-based El Paso Corp. bought the 1.1-million-sf “carrier hotel” at 350 E. Cermak Rd. from Carlyle-Core Chicago LLC in 2002 but is shedding the property to reduce its debt load.

While 275,000 sf of the former R.R. Donnelly Co. printing plant remains vacant shell space, the rest of the eight-story building was most recently 96% occupied. Built from 1912 through 1928, the Chicago landmark was renovated in 1999 with riser space, exterior conduit and redundant power supply. Menlo Park, CA-based Digital Realty Trust expects the deal to result in a 9% capitalization rate.

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