CHICAGO—Back in April 2012, when GlenStar Properties, LLC and the USAA Real Estate Co. purchased The Chicago Board of Trade Building, Michael Klein, a principal at GlenStar, said “we look forward to expanding the tenant base and attracting a wealth of new technology companies to this premier property.”
And the team has scored an important success by signing Data Stream LLC, a technology services company, to a 7,882-square-foot lease at the downtown property. The company plans to build a service oriented data center.
Houston-based Data Stream entered the Chicago market in August 2013 when it signed a 1,459-square-foot lease at the CBOT building to house its regional sales team. Citing the building's robust technology infrastructure, along with the owners' desire to attract technology-based tenants, Data Stream officials felt the timing was right to increase its Chicago presence.
“We felt we could not only serve the CBOT building's tenant base very well, but also the Chicago business community,” said Data Stream Regional Sales Manager Mike Schreiber.
“It's an honor to provide the needed high tech data center facilities for the Chicago Board of Trade Building and its esteemed tenants,” said Data Stream President and CEO Ronald Bailey. “To be a moving part of the technological growth at the epicenter of the financial district and of such a historical landmark in the great city of Chicago is exciting for the Data Stream team.”
Since the April 2012 acquisition, which marked the first time in the landmarked property's 83-year history that it was not owned by the Chicago Mercantile Exchange, the new owners embarked on a capital campaign to attract a more diverse tenant base.
“One of the primary reasons we purchased the complex was because of its unrivaled power, cooling and connectivity plant,” said GlenStar Managing Director Christian Domin. “Data Stream's lease and operation is a keystone of our overall plan to reorganize the technological infrastructure in order to make the offering cost effective for our tenants.”
The Chicago Board of Trade Building has its own meet-me-room and fiber backbone riser system and tenants who take advantage of this convenience can connect directly with dozens of resident telecom companies, the CME's trading infrastructure and Data Stream's on-site data center.
“We have created an in-building marketplace that offers tenants the value-add proposition of highly competitive telecom pricing, scalability and redundancy paired with a fully renovated and amenity rich office environment,” added Domin.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
