Commercial real estate advisor and service provider Newmark Group Inc. announced that it served as strategic advisor to Blue Owl Capital Inc., Chirisa Technology Parks and PowerHouse Data Centers in a joint venture worth up to $5 billion to develop large-scale AI/ High-Power Computer (HPC) data centers across the United States.
Newmark’s Co-President of Global Debt & Structured Finance Jordan Roeschlaub and Brent Mayo, who leads Newmark’s Data Center & Digital Infrastructure Capital Markets team, acted as strategic advisor for the JV.
As the first stage of the partnership, the JV will provide capital to develop turnkey AI/HPC data center assets. The initial 120 megawatts of capacity under the program will be delivered for CoreWeave in 2025 and 2026 at Chirisa’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.
“This joint venture represents an innovative and flexible capital solution allowing for the rapid development of new AI/HPC capacity across the United States,” said Roeschlaub. “As demand for data centers continues to grow, we anticipate that investors and developers will continue to show interest in similar projects.”
Newmark Research reported in January that the data center industry is growing rapidly, fueled by expanding needs of hyperscalers, AI and HPC users and large enterprises. The increased demand has spurred a surge in new development and land banking for future development, with data center construction pipelines hitting new all-time highs in 2024.
