Investment firms GI Partners and Legacy Investing have officially announced plans to convert a former stock exchange building in Chicago, Illinois, into a data center.

The companies last week announced the acquisition of 400 S. LaSalle Street, a 300,500 sq ft (27,917 sqm) building in downtown Chicago. Formerly the headquarters of the Chicago Board Options Exchange (CBOE), the companies plan to convert the iconic property into a 33MW data center.

The property reportedly offers “exceptional” fiber density and is one of the only downtown Chicago buildings capable of delivering more than 20MW of capacity ready for service by early 2027.

News that the two firms had bought the building surfaced last month. Prime Group and Capri Investment Group sold the six-story building at 400 S. LaSalle Street for a reported $40 million, having acquired it last year for $12m.

Founded in 2001, GI has more than $47bn in assets under management. The company, which founded and then divested Digital Realty, owns stakes in a number of data centers and also owns US operators LightEdge and Flexential, as well as several connectivity providers.

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.