A six-story office building once buzzing with financial transactions will soon hum with servers instead. The former headquarters of Cboe Global Markets at 400 S. LaSalle Street in Chicago is being redeveloped into a high-capacity data center — a project that highlights both the changing face of downtown real estate and the explosive demand for digital infrastructure.
From Financial Hub to Digital Powerhouse
The 385,000-square-foot building, originally home to the options exchange company Cboe, has changed hands in a striking deal. Prime Group and Capri Investment Group purchased the property for $12 million in 2024, then sold it just a year later to Virginia-based Legacy Investing for $40 million. The dramatic value increase underscores the surging appeal of data center conversions in major cities.
Data Center Dynamics reports that Legacy Investing, which manages roughly 20 million square feet of industrial, logistics, life sciences, and data center properties nationwide, confirmed plans to convert 400 S. LaSalle into a 33-megawatt (MW) data center. The facility is expected to be operational by late next year, reinforcing Chicago’s growing status as a top-tier digital infrastructure hub.
A Growing Market for Power and Connectivity
This redevelopment comes at a time when data storage demand is at an all-time high, driven by artificial intelligence, cloud computing, and global digital expansion. Nationwide, there’s a shortage of suitable power capacity for large-scale data facilities. Prime Group and Capri’s early investment in electrical upgrades made the property particularly attractive, as they ensured the site could handle the power loads essential for hyperscale computing.
“Prime Group played a critical role in assuring that the building has enough power. There’s a shortage of power throughout the country right now. It’s a great partnership — they created value, and now we’re able to create the next stage of value.”
Co-founder & Managing Partner of Legacy Investing | Daniel English
Engineering the Conversion: Turning Offices into Data Hubs
Transforming an office building into a data center is a technically demanding process requiring extensive structural, electrical, and mechanical retrofits. The new 400 S. LaSalle data facility will require reinforced flooring to support heavy server racks, specialized air handling systems, and high-capacity electrical feeds capable of sustaining uninterrupted operations.
Key design priorities include:
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Power Redundancy: Multiple utility feeds and backup generators to ensure zero downtime.
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Cooling Infrastructure: Precision air conditioning systems and chilled-water loops to maintain optimal server temperatures.
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Fire Suppression Systems: Gas-based suppression designed to protect equipment without water damage.
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Security Upgrades: Multi-layered access controls and surveillance systems meeting Tier III+ data center standards.
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Connectivity Expansion: Fiber pathways to integrate with Chicago’s existing carrier network.
These design features will bring new technical jobs to the area and repurpose a historic financial structure into one of Chicago’s most energy-dense technology assets.
Construction and Trades Workforce
The redevelopment of 400 S. LaSalle will mobilize a wide array of skilled trades, each playing a critical role in the building’s transformation:
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Electrical Technicians and Power Engineers – installing switchgear, transformers, and backup power systems
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Mechanical Contractors and HVAC Specialists – designing high-efficiency cooling systems
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Structural Engineers and Ironworkers – reinforcing floors to handle heavy load-bearing equipment
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Plumbers and Pipefitters – implementing water-cooling infrastructure
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Data Cabling Technicians – establishing fiber and copper connectivity throughout the facility
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Carpenters and Interior Finishers – retrofitting office interiors into secure data rooms
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Fire Protection Installers – integrating fire suppression and detection systems
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Security System Integrators – installing biometric access and monitoring controls
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Project Managers and Safety Inspectors – coordinating schedules and maintaining compliance
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Commissioning Engineers – testing and validating every operational system before launch
Together, these trades form the backbone of the project — turning an outdated office space into a high-performance data operations center ready for the digital economy.
The Economic Ripple Effect
Beyond its technical scope, the project will generate considerable economic impact. Chicago’s construction sector will benefit from specialized electrical and mechanical contracts, while local suppliers will provide materials for the renovation. Once operational, the facility is expected to support long-term employment in data management, maintenance, and network operations.
The $40 million sale also illustrates how adaptive reuse can revitalize commercial properties where traditional office occupancy has declined. The shift toward digital infrastructure not only repositions aging buildings but also anchors Chicago’s competitive advantage in data connectivity and green technology investment.
Legacy Investing’s Growing Data Portfolio
Legacy Investing’s purchase of 400 S. LaSalle aligns with its nationwide expansion in digital real estate. The firm already owns Flexential facilities in Texas and Oregon, as well as Equinix data centers in Virginia and California. With this acquisition, Legacy further establishes its presence in the Midwest — an increasingly attractive region for data centers thanks to its reliable power grid, stable climate, and strong fiber connectivity.
A Look Ahead: Powering the Future of Chicago’s Digital Core
The upcoming 33MW facility will mark a new chapter in 400 S. LaSalle’s storied history — from bustling trading floors to a highly secure cloud infrastructure node. It represents both the physical and economic evolution of Chicago’s downtown, merging the city’s financial legacy with its future as a digital powerhouse.
As the data economy continues to surge, adaptive reuse projects like this one will play a vital role in redefining how cities repurpose legacy office space for the technologies that power tomorrow.
