Microsoft Is Building In Northlake

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.

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source: persquare.com

Professional Packaging Systems Leases 104,000SF

Professional Packaging Systems LLP will occupy 104,000 square feet of industrial space in Grand Prairie, Texas. The property is located at 2002 Avenue R, just south of the North Carrier Parkway and East of the Great Southwest Parkway. The property is owned by ML Realty Partners headquartered in Addison, Texas.

Professional Packaging Systems is a national discount supplier of plastic packaging products including polyethylene bags, sheeting, shrink film, stretch film and foam.

ML Realty Partners was represented by Michael Stanzel of NAI Robert Lynn. G. Walter Floyd of NAI Huff Partners represented Professional Packaging Systems.

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source: persquare.com

Germans buy the Rookery for $73M

An unknown wealthy German family purchases the Rookery for $73.4M from Broadway Partners. The 285,706 square foot building is located at 209 South LaSalle Street, Chicago.

The twelve story building was constructed in 1888 and renovated in 1991. The building is a National Historical Landmark and has received numerous design awards. At the time of sale it was reported 97% leased by a number of large government, legal and financial firms.

The unknown German purchaser was represented by the Metzler North America Corp. Broadway Partners were represented by Michael Vesper of CB Richard Ellis.

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source: persquare.com

280 Park Avenue Sold For $1.28B

Broadway Partners and Investcorp Real Estate have joined together to purchase 280 Park Avenue Istithmar for $1.28B. The Property consists of two towers totaling 1,237,000 square feet, making the sale just over $1000 per square foot.

The Dubai based firm Istithmar purchased the towers in June 2006 for $1.2B. The towers stand tall at 31 and 43 stories, bridged together by a 14th floor mid-rise section. Tenants of the towers include, Deutsche Bank, The National Football League, Credit Suisse and Investcorp. Broadway Partners and Investcorp will reportedly each hold a 50% stake in the towers.

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source: persquare.com