An office building in Chicago, Illinois, that is set to be converted into a data center, has been sold.

First reported by CoStar, Prime Group and Capri Investment Group this month sold the six-story building at 400 S. LaSalle Street for $40 million to Legacy Investing.

The two companies bought the property for just $12m last year, with plans to convert the site into a 50MW data center.

The 385,000-square-foot (35,770 sqm), six-story office building previously served as the headquarters of options exchange company Cboe.

Legacy Investing has confirmed the deal and plans to convert the property into a 33MW data center that will go online late next year.

“They [Prime Group and Capri] played a critical role in assuring that the building has enough power,” Legacy co-founder and managing partner Daniel English told CoStar. “There is a shortage of power throughout the country right now. It’s a great partnership with Prime where they were able to create value, and now we’re able to create the next stage of value.”

Prime and Capri didn’t provide a comment to the publication.

Real estate investment firm Legacy manages around 20 million sq ft (1.85 million sqm) of industrial, logistics, life sciences, and data center real estate across the US.

The company also owns at least two Flexential facilities in Texas and Oregon, and Equinix data centers in Virginia and California, as well as a number of single-tenant enterprise data centers. It has also currently and/or previously owned several T5 data centers and at sold at least one in Ohio to H5.

Cboe first confirmed plans to move out of and eventually sell 400 S. LaSalle in 2019. The company relocated its headquarters to the Old Post Office in 2020 and shifted its open-outcry trading floor to the Chicago Board of Trade Building in 2022.