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Alternative Assets  + Real Assets  + Real Estate  |  August 29, 2024
Blue Owl, CTP, Powerhouse Announce 1st Phase of $5B Data Center JV
By: Joe Palmisano

Blue Owl, CTP, Powerhouse Announce 1st Phase of $5B Data Center JV

Funds managed by Blue Owl Capital, Chirisa Technology Parks (CTP) and PowerHouse Data Centers have entered a joint venture focused on the development of large-scale AI/HPC data centers for 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 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.

“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,” said Lee Hayes, president and CEO of CTP.

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 US.

PowerHouse Data Centers, a wholly owned division of American Real Estate Partners (AREP), has 30 buildings currently in planning or underway, representing over 2.3 GW of power in six major US markets.

Newmark served as advisor to the joint venture.

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Blue OwlChirisa Technology ParksPowerHouse Data Centers

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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