Conversion to Datacenter will be a Collaborative Effort Between Developer, CoreWeave and PSE&G
KENILWORTH, N.J., Oct. 28, 2024 /PRNewswire/ — Roseland-based CoreWeave has signed a long term lease with an Onyx Equities and Machine Investment Group partnership for the entirety of building 11 NEST at The Northeast Science & Technology (NEST) Center in Kenilworth with plans to convert the 280,000-square-foot former lab and manufacturing building into a state-of-the-art data center.
CoreWeave plans to invest $1.2 billion, and the Onyx Equities-led venture expects to spend over $50 million on the project, which will become CoreWeave’s first data center in New Jersey.
PSE&G, New Jersey’s oldest and largest utility, will be readying the area’s electrical infrastructure to support the energy needs of the datacenter facility in Kenilworth. PSE&G currently serves over 30 large data centers.
“CoreWeave’s commitment to invest over a billion dollars at the NEST campus demonstrates New Jersey’s leading role in artificial intelligence, and our innovation strategies are working,” said New Jersey Governor Phil Murphy. “Through collaboration with utilities, government, investors, and real estate developers, we’re committed to attracting businesses that will build an innovation economy for the future. Thanks to PSE&G, Mayor Linda Karlovitch, the development team at Onyx Equities, Machine Investment Group and CoreWeave, this new data center will further fuel our state’s leadership in innovation.”
“PSE&G is committed to providing safe, affordable and reliable energy to all of our customers, no matter their location or their energy requirements,” said Ralph LaRossa, Chair, President and CEO of PSEG, PSE&G’s parent company. “This project is a good example of the work that Governor Murphy and the New Jersey Economic Development Authority are doing to foster a new wave of economic development for our state. We are excited to welcome and partner with Onyx and CoreWeave on this project.”
“We are incredibly excited to open a next-generation data center in CoreWeave’s home state of New Jersey,” said CoreWeave CEO and Co-founder Michael Intrator. “Governor Phil Murphy’s efforts have helped spur the creation of an AI ecosystem in the State, and CoreWeave’s announcement today underscores that New Jersey is open for AI business.” In 2023, CoreWeave more than quadrupled its data center footprint and is on track to end the year with 28 data centers globally.
“This partnership positions the NEST campus as a major hub for data processing, AI, and biopharma innovation,” said John Saraceno, Co-Founder and Managing Principal for Onyx Equities. “CoreWeave will be a key cornerstone of NEST, as life science and biotechnology tenants at the campus will benefit from CoreWeave’s advanced cloud infrastructure to support their AI-driven projects and boost research and development capabilities.”
11 NEST is part of the 100+ acre, 2M SF campus that is purpose-built and zoned for life science innovation and data centers, answering a need for immediately available, turn-key, and customizable office, laboratory, and bio-manufacturing space in the tri-state area. Formerly the global headquarters of Merck, the Onyx Equities, Machine Investment Group, and Pivot Real Estate Partners group acquired the campus February 2023 and have since begun work to develop it into a hub of research and innovation in the Northeast region of the United States. For more information about NEST, visit www.NestCenter.com.
For more information on PSE&G’s electric service, please visit pseg.com/service.
About Onyx Equities, LLC
Headquartered in Gateway One in Newark, Onyx Equities, LLC is a leading, full-service real estate firm specializing in investment, asset repositioning and ground-up development. Since its founding in 2004, Onyx has acquired more than $4 billion worth of diverse real estate assets throughout New Jersey, New York, and Pennsylvania, and has executed over $1 billion in capital improvement projects under its signature repositioning program. Driving Onyx’s success is its deep understanding of the development process and core geographic markets, a seasoned team of expertise in all facets of real estate, and its adaptability to market conditions and the experience gained from managing over 65 MSF since inception. Throughout its esteemed portfolio of properties, Onyx takes aim at increasing operational efficiency, tenant satisfaction and long-term value to create dynamic commercial, residential and mixed-use environments of the highest quality. For more information about Onyx Equities, visit https://www.onyxequities.com/.
About Machine Investment Group
Machine Investment Group is a real estate investment platform focused on investing in opportunistic, distressed, and special situations across all major asset classes in diverse geographies throughout the United States. Co-Founded by Eric Rosenthal, Machine principals are directly responsible for deploying $2.0 BN in capital to date. With a strong reputation, solutions-oriented approach, and extensive lender relationships, Machine aims to deliver consistent, opportunistic returns while minimizing losses. For more information, please visit https://machineinv.com/.
About PSE&G
Public Service Electric & Gas Co. is New Jersey’s oldest and largest gas and electric delivery public utility, as well as one of the nation’s largest utilities. PSE&G has won the ReliabilityOne® Award for superior electric system reliability in the Mid-Atlantic region for 22 consecutive years. For the third consecutive year, PSE&G is the recipient of the ENERGY STAR Partner of the Year award in the Energy Efficiency Program Delivery category. In 2023 J.D. Power named PSE&G number one in customer satisfaction with residential and business electric service in the east among large utilities. PSE&G is a subsidiary of Public Service Enterprise Group Inc., (PSEG), a predominantly regulated infrastructure company focused on a clean energy future and has been named to the Dow Jones Sustainability Index for North America for 16 consecutive years (www.pseg.com).
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SOURCE Onyx Equities
