{"id":1004727554,"date":"2024-09-03T03:36:44","date_gmt":"2024-09-03T11:36:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004727554"},"modified":"2024-09-03T03:37:38","modified_gmt":"2024-09-03T11:37:38","slug":"5b-jv-demonstrates-energy-of-data-center-sector","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/5b-jv-demonstrates-energy-of-data-center-sector\/","title":{"rendered":"$5B JV Demonstrates Energy of Data Center Sector\u00a0"},"content":{"rendered":"\n<p>The just-announced $5 billion joint venture development agreement among funds managed by Blue Owl Capital Inc., Chirisa Technology Parks and PowerHouse Data Centers looks like a deal very much of the moment, as data center transactions and development deals get rapidly larger.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/U.S.-colocation-absorption-.png\"><img loading=\"lazy\" decoding=\"async\" width=\"805\" height=\"610\" data-attachment-id=\"1004727131\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/data-center-labor-shortages-take-center-stage-jll\/u-s-colocation-absorption\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/U.S.-colocation-absorption-.png\" data-orig-size=\"805,610\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"U.S. colocation absorption\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;U.S. colocation absorption (MW). Chart courtesy of JLL Research&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/U.S.-colocation-absorption-.png?w=805\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/U.S.-colocation-absorption-.png?w=805\" alt=\"U.S. colocation absorption (MW)\" class=\"wp-image-1004727131\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/U.S.-colocation-absorption-.png 805w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/U.S.-colocation-absorption-.png?resize=300,227 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/U.S.-colocation-absorption-.png?resize=768,582 768w\" sizes=\"auto, (max-width: 805px) 100vw, 805px\" \/><\/a><figcaption class=\"wp-element-caption\">The U.S. colocation absorption (MW) trend shows a booming demand in the data center sector. <em>Chart courtesy of JLL Research<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Focused on developing large-scale AI\/HPC data centers for CoreWeave Inc., the agreement is intended as the first stage of a partnership with the capacity to deploy up to $5 billion of capital for turnkey data center developments also supporting other hyperscale and enterprise data center customers.<\/p>\n\n\n\n<p>The partners described the venture as \u201can innovative and flexible capital solution allowing for the rapid development and deployment of new AI\/HPC capacity across the U.S.\u201d on a build-to-suit basis.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/data-center-labor-shortages-take-center-stage-jll\/\">Data Center Labor Shortages Take Center Stage<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>An initial 120 MW of capacity will be delivered for CoreWeave in 2025 and 2026 at Chirisa\u2019s 350-acre campus near Richmond, Va. Further deployments in the pipeline reportedly include both brownfield and greenfield campuses in New Jersey, Pennsylvania, Texas, Kentucky and Nevada.<\/p>\n\n\n\n<p>Newmark served as advisor to the joint venture.<\/p>\n\n\n\n<p>CoreWeave is a provider of cloud-based GPU infrastructure to AI developers. In May, TIME named CoreWeave one of the 100 most influential companies.<\/p>\n\n\n\n<p>Chirisa Technology Parks has data centers in Richmond, Va.; Chicago; Piscataway, N.J.; and Seattle. The company currently offers more than 500,000 square feet of purpose-built data center capacity, with a pipeline exceeding 400 MW under development in the U.S.<\/p>\n\n\n\n<p>PowerHouse Data Centers is the data center division of American Real Estate Partners. It has 30 buildings currently in planning or underway, totaling more than 2.3 GW of power in six major U.S. markets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-ai-leads-the-charge\">AI leads the charge<\/h2>\n\n\n\n<p>The surge in data center demand, deals and development is mostly a result of the artificial intelligence boom, as <a href=\"https:\/\/www.commercialsearch.com\/news\/ai-leads-to-data-center-boost-across-markets\/\"><em>Commercial Property Executive<\/em> recently reported<\/a>, based on a <a href=\"https:\/\/www.commercialedge.com\/blog\/national-industrial-report\/\"><em>CommercialEdge<\/em> report<\/a>.<\/p>\n\n\n\n<p>An even more recent <a href=\"https:\/\/www.commercialsearch.com\/news\/more-data-centers-please\/\">report from CBRE<\/a> found that almost all CRE investors surveyed intended to increase their capital deployments to data centers, both in terms of dollar amounts and as a percentage of total CRE investments.<\/p>\n\n\n\n<p>And a mid-year report on the data center sector from JLL states that even though the U.S. colocation data center market has doubled in size in the past four years, vacancy has hit a record low of 3 percent.<\/p>\n\n\n\n<p>JLL further remarked that AI has driven an estimated 20 percent of new data center demand over the last year, though the company also cautions, \u201cAI holds great potential, but it will take years for the technology to evolve and mature.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blue Owl Capital, Chirisa Technology Parks and PowerHouse have teamed up to build large-scale AI\/HPC facilities.<\/p>\n","protected":false},"author":882,"featured_media":1004727131,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21755,21782,11,23891,21742,36153],"tags":[33096,52482,50999,51906],"class_list":["post-1004727554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-data-centers","category-development","category-midatlantic","category-national","category-latest","category-richmond-hampton-roads","tag-american-real-estate-partners","tag-blue-owl-capital","tag-newmark","tag-powerhouse-data-centers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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