Investment in Real Estate (Tables)

9 Months Ended

Sep. 30, 2019

The following is a summary of the properties owned or leased by market at September 30, 2019 (in thousands):


			Buildings and		Construction in
Market	Land		Improvements		Progress		Total Cost
Boston	$	5,154	$	111,239	$	5,757	$	122,150
Chicago		5,493		115,265		73,488		194,246
Denver		—		32,075		1,477		33,552
Los Angeles		18,672		368,428		52,062		439,162
Miami		728		14,476		124		15,328
New York		2,729		155,012		38,641		196,382
Northern Virginia		21,856		397,131		97,242		516,229
San Francisco Bay⁽¹⁾		35,668		703,194		120,383		859,245
Total	$	90,300	$	1,896,820	$	389,174	$	2,376,294

(1)

On April 12, 2019, we acquired a 3.8-acre land parcel with a single-story office building located adjacent to our Santa Clara campus for a purchase price of $26 million. We expect to develop an approximately 200,000 NRSF turn-key data center building on the acquired land parcel, which we refer to as SV9, as the existing office tenants vacate upon expiration of their leases and upon the receipt of necessary entitlements.

The following is a summary of the properties owned or leased by market at December 31, 2018 (in thousands):


Market	Land		Buildings and Improvements		Construction in Progress		Total Cost
Boston	$	5,154	$	107,596	$	1,644	$	114,394
Chicago		5,493		113,875		14,478		133,846
Denver		—		30,740		476		31,216
Los Angeles		18,672		338,011		51,688		408,371
Miami		728		14,014		69		14,811
New York		2,729		152,956		33,796		189,481
Northern Virginia		22,793		346,209		94,623		463,625
San Francisco Bay		31,386		626,928		69,147		727,461
Total	$	86,955	$	1,730,329	$	265,921	$	2,083,205