Aligned, a Texas-based data center developer, has added another suburban office building to its expanding complex in Elk Grove Village.
According to Cook County records, the company, led by Chief Executive Officer Andrew Schaap, paid about $14.2 million last month for the Northwest Point Avenue suburb in the northwest suburb near O’Hare International Airport. A 177,000-square-foot office building at 150.
The seller is Rosemont-based developer Bridge Industrial, which bought the property in March 2022 for $9 million, according to Redfin. The company received approval from local officials in November 2021 to build a spec facility on the site, daily herald reported last year. The company did not respond to a request for comment.
It’s the latest property Aligned has acquired in the area around O’Hare, according to public records. The developer has now spent at least $78 million, acquiring a total of about 36 acres in several office-property deals that appear suitable for redevelopment. A spokesman for Aligned declined to comment on the developer’s plans
The developer bought 101 and 141 Northwest Point Boulevard in April in two separate transactions for a total of $35 million, after acquiring 50 Northwest Point Boulevard for about $29 million in March.
As office buildings in suburban Chicago become less valuable, the properties have become targets of industrial redevelopment by developers willing to pay more per square foot for prime locations. The three previous office buildings Aligned acquired were aging Class B properties.
Another office building, a property facing foreclosure in Rolling Meadows, is home to a $100 million logistics park project by Rosemont-based Brennan Investment Group. Developers Franklin Partners and Ryan Companies are also eyeing an office-to-warehouse project in Naperville.
While demand for office space has declined, demand for hyperscale (referring to data center hardware, facilities, and capacity) will be strong in the second half of 2022, and vacancy rates continue to decline, staying below 6% during this period, according to A report from CB Richard Ellis in February.
