Blue Owl, Chirisa, PowerHouse Get $600M for NoVa Data Center
Blue Owl Real Estate, Chirisa and PowerHouse Data Centers have received a $600 million loan for a 50 megawatt build-to-suit data center development in Northern Virginia. Newmark arranged the financing through a syndicate headed by Société Générale.
Located in the 300-plus-acre Chirisa Technology Park in Richmond, the project is preleased to hyperscale graphics processing unit provider CoreWeave. The development broke ground earlier this year and is scheduled to deliver its initial capacity in 2025.
Newmark’s Jordan Roeschlaub and Jonathan Firestone, along with Clint Frease, Nick Scribani, Ben Kroll and John Caraviello, in collaboration with Brent Mayo, secured the loan.
Newmark did not reply to Commercial Property Executive’s request seeking additional information about the property and the financing.
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Blue Owl Real Estate is a leading real estate private equity platform with $27 billion in assets under management. Chirisa is a global investor active across digital infrastructure and real estate in the Americas and Europe. PowerHouse Data Centers is owned and operated by American Real Estate Partners and offers turnkey data center solutions, from site selection and acquisition through design, construction and operations.
Their $5 billion joint venture emerged just this past fall, focusing on developing large-scale AI/high-performance computing data centers on a build-to-rent basis. The Richmond development is the partnership’s first.
Tighter than tight
The data center market in Northern Virginia remains the nation’s largest, with an inventory of more than 2,600 megawatts and another 1,150 megawatts under construction in the first half of the year, according to a CBRE report. NoVa was also the second-tightest data center market in the U.S. after Hillsboro, Ore., the vacancy rate reaching 1.5 percent at the end of June.
In response to increasing concerns about power constraints, one proposed data center campus in Virginia will be sited near an existing nuclear power plant and will be accompanied by a hydrogen production facility and several small modular reactors. Green Energy Partners is developing the campus, the first of its kind in the U.S., on a 641-acre site in Surry and plans to invest $6.5 billion over the next 13 years.
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