Five 9s Digital advises on $20.5M sale of 717 S. Wells, Strategic Carrier Data Center in Downtown Chicago
CHICAGO, IL (October 21, 2014) – Amerimar Enterprises / Netrality announces the acquisition of 717 South Wells Street, a 100,000 square foot fiber-rich building located in Chicago, IL.
717 South Wells was strategically redeveloped from a manufacturing facility to a telecom carrier hotel by the prior owner in the late 1990’s. “With over a dozen networks, 717 South Wells has a solid foundation of carrier customers,” states Joshua Maes, Vice President of Amerimar, “and we look forward to growing the network roster at the building.” Amerimar intends to undertake immediate redevelopment work at the property, including construction of a new “Meet Me Room” to draw additional network operators to the building.
The 10-story, 100,000-square-foot property was originally developed in 1923. The property has since been redeveloped into one of the most fiber-dense, network-neutral facilities in Chicago. The building serves as a major hub for data and Internet traffic and provides reliable network interconnection infrastructure for carriers, service providers, and enterprise customers. Amerimar intends to launch the first phase of its owner-operated, carrier-neutral meet me room in the property in early 2015, which will offer the existing customer base as well as new customers the opportunity to interconnect with one another reliably and cost effectively. The building’s location is of particular interest to telecom businesses, as it is a gateway to the fiber backbone in Chicago as well as a primary access point for long-haul fiber in the region. The building also provides highly reliable data center operations with its robust floor loads, power and HVAC infrastructure.
“717 South Wells Street is an excellent addition to our growing carrier hotel platform,” adds Newby. “Chicago is not only a major junction point for the north-south and east-west domestic fiber routes in the Midwest, but it is also a nexus for multiple international networks, making it a global gateway and therefore strategic for us and our customers.”
Ropes & Gray LLP, with a team led by partner Walter R. McCabe III, represented the buyer on the acquisition. Five 9s Digital and Romans Properties brokered the transaction.