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.