The BlackChamber Group is getting more than $1.2 billion so it could develop four data center campuses in Northern Virginia.
Altogether the hyperscale powered shell centers will combine for more than 740 megawatts of capacity, according to a statement from JLL, which secured the construction financing for BlackChamber. The project will add to BlackChamber's Northern Virginia portfolio, which already includes eight campuses, taking up more than six million square feet and 1.5 GWs of gross power capacity.
According to JLL, Northern Virginia commands the biggest data center market in the world. As of the first half of 2024, it operated more than 4.6 GWs of power capacity, and there is another 5.8 GWs planned for data center development. Last year, the sector absorbed 1.3 GWs and held a vacancy rate of 0.4 percent.
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"What was once a small alternative segment of the commercial real estate industry is now a large segment of equity and debt deployments," Drake Greer, senior director of JLL and a member of the broker's national data center capital markets, said in a statement.
"BlackChamber's recent construction loan closings are evidence of the diverse capital chasing data centers. Our recent closings include capital from bank balance sheets, both commercial real estate and infrastructure verticals, but also private credit vehicles funded with insurance company capital."
Data centers have continued to be a hot asset class for investors to pour billions of dollars into. Last week, EDGNEX Data Centers by DAMAC announced it would enter the U.S. market with a $20 billion investment that includes existing data centers and platforms. Additionally, the Dubai-based firm noted that there is potential to double its initial $20 billion pledge.
Also, this year, Amazon's Web Services unit said it would pour a projected $11 billion into artificial intelligence infrastructure and cloud computing in Georgia to expand its data center presence. It's expected to create 550 new jobs.
And Meta late in 2024, said it would build a $10 billion artificial intelligence data center in Richland Parish, Louisiana. That marks one of the state's largest-ever private investments received.
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