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Digital Realty Trust (DRT) completed its reported $140 million acquisition of Chicago’s Lakeside Technology Center from El Paso Corporation, according to a May 31, 2005 report by DataCenterKnowledge. The transaction had been announced in March.
What the 2005 transaction involved
| Detail | Reported information |
|---|---|
| Buyer | Digital Realty Trust |
| Seller | El Paso Corporation |
| Property | Lakeside Technology Center, Chicago |
| Acquisition price | $140 million, as reported by DataCenterKnowledge on May 31, 2005 |
| Property size | 1.09 million square feet |
| Announcement and completion | Announced in March; completion reported May 31, 2005 |
The $140 million figure is the reported purchase price. The available account is a short trade-news report rather than a transaction filing, so additional deal terms and financing details are not established here.
How occupied was Lakeside?
The report used two occupancy measures with different denominators:
- 72% leased overall: this figure includes the entire property.
- 96% leased excluding 275,000 square feet of shell space: the shell area was awaiting development, so removing it from the calculation produced the higher leased percentage.
These percentages should not be treated as contradictory. The 96% figure excludes the undeveloped shell space, while the 72% figure measures leasing across the full 1.09 million-square-foot property.
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Earlier ownership
El Paso had acquired Lakeside from The Carlyle Group in 2001. The 2001 sale price was not announced. The 2005 report said it was believed to have been well above $140 million, but that comparison was not independently documented as a verified sale-price record.
What the deal indicates—and what it does not
The transaction placed a large Chicago data-center property under Digital Realty’s ownership at a reported $140 million valuation. The reported leasing figures suggest that most operating space was committed, while a substantial shell area still required development.
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Because the available source does not provide a primary company announcement or regulatory filing, it does not establish details such as capitalization, tenant identities, lease terms, operating performance, or the property’s later ownership history.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.The Bottom Line
Digital Realty Trust completed the reported $140 million purchase of Chicago’s 1.09 million-square-foot Lakeside Technology Center from El Paso in 2005. It was reported as 72% leased overall, or 96% leased when 275,000 square feet of undeveloped shell space was excluded.
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