GI Partners Expands in Chicago with $750M Data Center Buy
The property used to be a warehouse before being converted into a data center.
GI Partners has acquired 800 E. Devon Ave., a data center facility in Elk Grove Village, Ill., for $750 million, The Real Deal reported.
The seller, a subsidiary of Australia-based alternative asset manager HMC Capital, acquired the property as a warehouse in 2024 before Prologis converted it into a data center.
HMC’s total commitment for the property and its conversion was valued at approximately $712 million. Broken down, the company paid $440 million for the building and $272 million that was contingent on the data center conversion. Goldman Sachs provided a $514 million CMBS loan to HMC in December 2024, Yardi Matrix shows.
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The 189,240-square-foot warehouse originally came online in 2005 on 9.5 acres, according to Yardi Matrix. It was previously known as Prologis West O’Hare Cargo Center. Cook County records show that Oracle America Inc. occupies the property under a July 2024 lease agreement.
The acquisition adds to GI Partners’ existing data center presence in Elk Grove Village. In 2023, the company acquired a 65 percent stake in two Digital Realty data centers in the area. The facilities at 2200 Busse Road and 1400 E. Devon Ave. total 790,000 square feet, according to Yardi Matrix.
Located at 800 E. Devon Ave., the facility is near O’Hare International Airport. Interstate 90 and Routes 83 and 390 are also nearby.
GI grows data center footprint
The Elk Grove Village acquisition follows other activity for GI Partners in the data center asset class. In February, the company purchased two additional data centers for a combined total of $221.9 million in Baltimore. The purchase included Sandy Farms Data Center in Severn, Md. and Eternal Rings Data Center in Laurel, Md. Harrison Street sold both assets.
Data center demand reached record levels during the first half of 2026. Absorption reached an all-time high of 25 gigawatts, double what it was a year ago, according to JLL. North America alone had 66 gigawatts under construction, with 95 percent already pre-committed. Vacancy also remains low for the third consecutive year at 1 percent.
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