CHICAGO and RICHMOND, Va. and MCLEAN, Va., Aug. 29,
2024 /PRNewswire/ -- Funds managed by Blue Owl
Capital Inc. ("Blue Owl"), Chirisa Technology Parks ("CTP"), and
PowerHouse Data Centers ("PowerHouse") have today executed a joint
venture development agreement ("JV") focused on the development of
large-scale AI/HPC data centers for CoreWeave, Inc. ("CoreWeave").
The agreement is intended as the first stage of a partnership with
capacity to deploy up to $5 Billion
of capital for turnkey AI/HPC data center developments supporting
CoreWeave and other hyperscale and enterprise data center
customers.
The JV represents an innovative and flexible capital solution
allowing for the rapid development and deployment of new AI/HPC
capacity across the United States
on a Built-to-Suit basis. 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,
VA. 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, "This breakthrough
transaction with Blue Owl, CTP and PowerHouse is the first stage of
a large-scale partnership focused on meeting the near-term
requirements of our hyperscale customer base. 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."
Doug Fleit, CEO and Co-founder of
PowerHouse, continued, "PowerHouse is proud to partner with Blue
Owl and CTP. By bringing our proven real estate leadership and
cadre of acquisition, development, and power procurement experts to
the JV, this partnership will redefine the landscape of precision
hyperscale infrastructure."
Marc Zahr, Blue Owl's
Co-President and Head of Real Estate added, "This partnership
between Blue Owl, CTP and PowerHouse brings together three
distinguished operators in our respective areas of expertise. Blue
Owl is in the process of deploying significant amounts of capital
in support of large-scale data center development transactions
across the US and Europe. We are
happy to partner with CoreWeave, CTP and PowerHouse and look
forward to supporting the partners longer term development
ambitions."
Newmark served as advisor to the Joint Venture.
About CTP
Chirisa Technology Parks (CTP) is focused on developing highly
connected data center campuses with ample power availability in
high-demand growth markets in the United
States and Europe. CTP's
existing data centers are located in Richmond, VA; Chicago, IL; Piscataway, NJ; and Seattle, WA. CTP currently offers over
500,000 square feet of purpose-built data center capacity, with a
pipeline in excess of 400MW under development in the USA. CTP's designs and rapid delivery process
are focused on high-efficiency, leading-edge deployments. CTP has
broad capability to partner and/or operate critical facilities,
offering solutions for powered shell, build-to-suit, and turnkey
delivery of assets for large and sophisticated customers.
About Powerhouse
PowerHouse Data Centers, a wholly owned division of American
Real Estate Partners (AREP), is a developer and owner of
next-generation data centers and provides technical real estate
solutions for hyperscalers nationwide. Starting in Northern Virginia's Data Center Alley, the
world's largest data center market, before strategically expanding
to key markets across the United
States, PowerHouse owns its land sites, offering
unparalleled fast-track approvals and zoning approvals in its full
suite of development services.
As an industry disruptor, PowerHouse provides flexible
next-generation data center models with the quickest speed to
market of any data center while meeting hyperscalers' growing
market, data, utility, and space demands. The company has 30
buildings currently in planning or underway, representing over 2.3
GW of power in six major US markets. Operating as the data center
division of AREP, PowerHouse is uniquely positioned as a leader in
world-class data center development.
With some of the industry's deepest real estate relationships,
PowerHouse leverages its strategic joint venture partnerships,
proven leadership, and best-in-class technical expertise to deliver
innovative real estate solutions nationwide. Visit our newsroom for
more information, and follow us on LinkedIn, YouTube, and X.
About Blue Owl
Blue Owl (NYSE: OWL) is a leading asset manager that is
redefining alternatives.
With over $192 billion in assets
under management as of June 30, 2024,
we invest across three multi-strategy platforms: Credit, GP
Strategic Capital, and Real Estate. Anchored by a strong permanent
capital base, we provide businesses with private capital solutions
to drive long-term growth and offer institutional investors,
individual investors, and insurance companies differentiated
alternative investment opportunities that aim to deliver strong
performance, risk-adjusted returns, and capital preservation.
Together with over 820 experienced professionals, Blue Owl
brings the vision and discipline to create the exceptional. To
learn more, visit www.blueowl.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/blue-owl-chirisa-technology-parks-and-powerhouse-data-centers-announce-first-phase-of-5-billion-joint-venture-development-partnership-302233967.html
SOURCE Chirisa Technology Parks