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Washington DC & Mid-Atlantic  + DC  + Industrial  |  August 30, 2024
Jasmine Kilman
By: Jasmine Kilman

Chirisa Technology Parks Forms $5B Data Center JV

Funds managed by Blue Owl Capital Inc., Chirisa Technology Parks, and PowerHouse Data Centers have executed a joint venture development agreement to develop large-scale AI/HPC data centers for CoreWeave, Inc. Newmark served as advisor to the joint venture.

The agreement is intended as the first stage of a partnership with the capacity to deploy up to $5 billion in capital for turnkey AI/HPC data center developments supporting CoreWeave and other hyperscale and enterprise data center customers.

The initial 120MW of capacity under the program will be delivered for CoreWeave in 2025 and 2026 at CTP’s 350-acre campus near Richmond, Virginia. Further deployments in the pipeline include brownfield and greenfield campuses in New Jersey, Pennsylvania, Texas, Kentucky and Nevada.

Announcing the transaction today, Lee Hayes, President and CEO of CTP stated, “Through innovative structuring, broad financial distribution and the transactional expertise of our partners at Blue Owl, this partnership unlocks very substantial growth capital for one of the most important players in today’s AI hyperscale landscape.”

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CTPPowerhouse Data CentersBlue Owl Blue OwlNewmark

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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