Legacy Investing Targets Vacant Real Estate for Data Center Development

Legacy Investing is converting vacant office buildings into data centers, capitalizing on the projected doubling of U.S. facilities by 2030. The firm recently purchased a former Cboe Global Markets headquarters in Chicago for $40 million, up from $12 million a year prior, planning to install 33 megawatts by 2026.

Legacy's model has proven lucrative, reporting over $3 billion in transactions and managing over 20 million square feet. The shift back to adaptive reuse is driven by low data center vacancy rates and a growing demand for infrastructure.

However, rising public opposition to data center developments and regulatory challenges pose risks for future growth. The potential for political pressure to influence design and community integration remains significant.