Funds managed by Blue Owl Capital Inc., Chirisa Technology Parks, and PowerHouse Data Centers have executed a joint venture development agreement to develop large-scale AI/HPC data centers for CoreWeave, Inc. Newmark served as advisor to the joint venture.

The agreement is intended as the first stage of a partnership with the capacity to deploy up to $5 billion in 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, Virginia. 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, “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.”

The MacKenzie Companies, LLC, in collaboration with InspiRE CRE, LLC, has established Asset Adversity Group, a strategic alliance focusing on distressed and underperforming commercial real estate assets. This partnership combines InspiRE’s expertise in distressed asset management with MacKenzie’s real estate services, aiding financial institutions and investors in optimizing asset value.  

Asset Adversity Group offers a range of services under one roof, assisting lenders and investors in navigating challenges related to distressed assets. The alliance targets assets in the Mid-Atlantic region, particularly those valued between $5 million and $50 million.  

By offering pre-receivership evaluation, court-appointed receivership, and post-foreclosure asset management services, Asset Adversity Group aims to address the needs of small to mid-sized banks seeking expertise in asset and property management.