American Tower Acquires Chicago Communications Site
(FinancialWire via COMTEX) --
December 6, 2012 (FinancialWire) -- Wireless and broadcast communications infrastructure company American Tower Corp. (NYSE: AMT) recently announced that it acquired of the 93rd floor, the 97th floor, and the rooftop of the John Hancock Center in Chicago, including rights to the existing telecommunications leases associated with the property.
The acquisition of the physical space, along with the existing leases, reportedly followed the vertical subdivision of the John Hancock Center, the fourth-tallest building in Chicago and the sixth-tallest in the United States. The transaction allows American Tower to make an entrance into the Chicago-area broadcast market, while augmenting its rooftop portfolio in the region.
The agreement also includes more than 34,000 square feet of space for broadcast and telecommunications equipment, the rooftop and two broadcast masts, noted American Tower company officials.
The company said it will begin marketing the property to both broadcast and wireless tenants, given the site's extensive capacity for collocation. The space is reportedly ready for collocation and installation and features ready-to-build infrastructure, multiple fiber connections and two megawatts of on-site backup power.
American Tower Corp. (approx market cap. US$ 29.5 bil.), a real estate investment trust, develops, owns and operates communications sites. It owns and operates towers in the United States, Brazil, Chile, Colombia, Ghana, India, Mexico, Peru and South Africa, as well as DAS networks and communications sites. The company was founded in 1995 and is headquartered in Boston, Massachusetts. American Tower employs approximately 2,122 people.
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Stocks: American Tower Corporation (NYSE: AMT)
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