Bloomberg Businessweek

The Battle of the Microwave Antennas

• Jockeying for position near an exchange’s data center

• “It tells you how valuable being just a little bit faster is”

It was an odd transaction from the outset: $14 million for a 31-acre plot of flat, undeveloped land in Aurora, Ill., west of Chicago. “They paid probably twice as much as it’s worth,” says David Friedland, an executive director at commercial real estate company Cushman & Wakefield. “I don’t see anyone else paying close to that price.”

In the nine months since,

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