Someone Purchased the Most Important Data Center on the West Coast

An innocuous high rise in downtown Los Angeles, California, just sold for a record $437.5 million. That’s 2.5 times the price per square foot of comparable buildings in the area, which might seem surprising, given that there’s nothing special about the building itself. But there is something special about its tenants.

That’s because 624 S. Grand Ave—more commonly known as One Wilshire—is the biggest telecommunications hub on the US west coast, according to CBRE Group’s Kevin Shannon. In fact, the importance of this high-rise data center is only rivaled by two other data centers in the world, according to Shannon: 60 Hudson Street in New York City and Telehouse in London.

Read more at Quartz.