Aligned: Aligned Acquires 177k Sq. Ft. Office Building in Chicago for New Data Center Campus

Apr 18, 2023 | Posted by Abdul-Rahman Oladimeji

Aligned bought an office property in the Chicago, Illinois neighborhood of Elk Grove. It is currently unknown whether the company intends to convert the facility occupied by CitiBank into a data center. The Real Deal reports, citing Cook County public records, that Aligned purchased 50 Northwest Point Boulevard in Elk Grove Village in March. Last month, Franklin Street Properties disclosed the transaction but did not reveal the buyer. The 177,000-square-foot office facility, constructed in the year 2000 on 10 acres, was sold for $29.1 million. At the time of the transaction's announcement, Franklin Street CEO George J. Carter stated that they were delighted to announce the sale of the Property. They intend to use the majority of the profits from the sale of the Property for debt reduction.

According to Franklin Street's SEC filings, the five-story office building was entirely leased to Citicorp Credit Services and software company NCS Pearson at the end of 2022, but it is unclear when those leases expire. Since 2006, Citicorp has been a significant tenant in the building. It is unknown whether Aligned intends to construct a data center on the property. However, Chicago is a significant market for data centers, with many campuses concentrated in the Elk Grove region. The corporation operates an 18.5-acre Chicago campus in the Northlake neighborhood of Illinois, south of O'Hare Airport. It started construction on the first structure in April 2021 and the second the following April.

ORD-01 offers 220,000 square feet (20,450 square meters) of space and 48MW (expandable to 60MW) of capacity. ORD-02 will provide approximately 300,000 square feet and 40MW of power. Elk Grove is home to businesses such as Prime, T5, EdgeConneX, Skybox, CloudHQ, Microsoft, Stream, and Digital Realty, among others.