Vacant Monterey Park Office Building to be Converted Into Data Center

A vacant office building located at 1977 Saturn St. in Monterey Park was acquired by HMC Capital for $39 million or $ 190 per square foot. The building was vacant at the time of sale and the buyer, an Australian asset manager, plans to convert the property into a data center.

The property was sold by EQ Office and had been under contract since March 2023 as the buyer pursued entitlements for the property and the necessary power requirements for a data center. HMC Capital’s acquisition included an additional $10 million payable on the condition that the data center entitlements were approved within 12 months.

Plans call for a 218,400-square-foot data center. The developer, HMC Capital, included the property in a public offering that was comprised of 13 properties worldwide that would be utilized as data centers. It includes a neighboring property at 1980 Saturn St. that the company acquired for $33.5 million.