Two developers who purchased the former Cboe Global Markets headquarters in the Loop — with plans to convert the vacant building into a data center — have sold the property to Virgina-based company Legacy Investing.
An affiliate of real estate firms Prime Group and Capri Investment Group purchased the building at 400 S. La Salle St. for $12 million in June 2024. The pair of developers are transforming the James R. Thompson Center into Google’s new Chicago headquarters.
The property will still become a data center, but it will now be helmed by Legacy Investing An affiliate of Legacy Investing purchased the building from Prime and Capri for $40 million in late October, Cook County property records show.
A spokeswoman for Prime/Capri Interests, the joint venture between developers Michael Reschke and Quintin Primo III, said the firm had no comment on the sale.
Legacy Investing didn’t respond to a request for comment.
But the firm announced the acquisition in a recent LinkedIn post, sharing its plan to convert the former financial building into a data center. The company said the building will be complete in 2026.
“Decades ago this address was the beating heart of the modern financial markets and helped launch electronic trading,” the post said. “Now we are reimagining and transforming it for the next leap forward: a high density, 33 [megawatt] data center ready for service in 2026. From trading floors to computer floors!”
Legacy Investing develops, owns and operates industrial buildings, according to its website. Its portfolio includes data centers, logistics buildings and life sciences facilities, including an industrial building in Effingham.
It owns additional properties — some of them data centers — in California, Georgia, Indiana, Kentucky, Tennessee, New Jersey and Oregon. The firm has been a player in the data center market for more than two decades, according to its website.
Legacy Investing’s Arlington, Virgina, headquarters puts it in the heart of the data center market: Commercial real estate firm JLL found that northern Virginia continues to lead the U.S. as the largest data center market, with 647 megawatts of power absorbed in the first half of 2025.
Chicago was also in the top five markets for data center absorption in 2025, with 368 megawatts of power absorbed.
JLL found Chicago was one of the U.S. markets with the largest development pipeline for data centers, which includes projects under construction and planned. Chicago and the Las Vegas/Reno market each have new data centers totaling 4 gigawatts of power in the pipeline, according to JLL.
Lawmakers on Oct. 30 passed a plan to bring more power online in Illinois to meet high demand — and potentially bring consumers some relief as electric bills rise. Illinois and the country are facing a growing demand for electricity, as more data centers get built.
Many new data centers being developed in the Chicago region are in the suburbs, where there’s more space for the facilities that are often large, industrial-sized buildings. Industry experts said Chicago and the nearby suburbs will continue to be a data center powerhouse, with at least 30 data center projects planned over the next five years.
JLL said demand for data centers remains concentrated in “core markets,” like northern Virginia and Chicago. North America could see data center investment hit $1 trillion between 2025 and 2030, as demand for the facilities continues to skyrocket, especially in tandem with artificial intelligence.