Data Center View
Posts
Data Center View - May 23, 2025 - BlackChamber closes $2.1 billion data center fund

Data Center View - May 23, 2025 - BlackChamber closes $2.1 billion data center fund

NTT to take NTT Data private. WiredRE exits 1,000MW AI data center project in Dallas. Exelon's data center pipeline surges to 36GW. Amazon buys 97 acres in Virginia. Data center growth has sparked a natural gas "gold rush." Two new data center deals.

Matt H
May 23, 2025

Good morning. This is Data Center View, and we keep it simple.

→ We are here to serve the owners, brokers, and users who are interested in data center real estate. Do us a favor, and forward this email to your favorite data center pro. They can sign up here.

Now, let’s get to it.

NEWS ROUNDUP

FUNDRAISING: BlackChamber closes $2.1 billion data center fund. BlackChamber Group has closed its second real estate vehicle, BlackChamber Real Estate Opportunity Fund II, with more than $2.1 billion in total capital—more than double its $1 billion target. The fund will focus exclusively on hyperscale data center development in high-growth U.S. markets like Northern Virginia. Key limited partners include CalSTRS ($350M including co-investments), SWIB ($30M plus $73M in co-investment vehicles), Allstate Insurance, Texas PSF, and Texas ERS. The fund includes $830 million in primary capital and $1.3 billion in sidecars and co-investments.

M&A: NTT to take NTT Data private in $16.4 billion deal. NTT will take full ownership of its IT and data center subsidiary NTT Data in a ¥2.37 trillion (~$16.4 billion) transaction. NTT, which currently owns 57.7% of NTT Data, will pay ¥4,000 ($27.65) per share—a 34% premium over the previous day’s closing price. NTT Data operates over 150 data centers across 20 global markets. The privatization is aimed at streamlining decision-making and accelerating NTT’s efforts to scale its AI infrastructure capabilities. The move comes amid heightened demand for hyperscale and AI-ready facilities.

DEVELOPMENT: WiredRE exits 1,000MW AI data center project in Dallas. Wired Real Estate Group (WiredRE) has completed the private development and successful exit of a 1,000+ MW AI infrastructure site in the Dallas market. The once-insolvent property is now controlled by a global cloud service provider. Founder and CEO Everett Thompson led the turnaround by deploying WiredRE’s platform of 10,000+ sector experts, power plant engineering resources, and hyperscale buyer relationships. In less than a year, WiredRE transformed the asset—initially lacking budget, power, and connectivity—into a market-ready, power-enabled site, doubling its expected exit value.

ENERGY: Exelon’s data center pipeline surges to 36GW. Exelon reported its data center pipeline has surged to 36GW—more than doubling since late 2023—as demand for high-density interconnections accelerates. In its Q1 earnings, the company disclosed that 16GW of “high-density” interconnection requests are under study, alongside 16GW of “high-probability” projects already pursuing grid access. Of the projects that have paid deposits, Exelon expects 10% to be online by 2028, 33% by 2030, and 75% by 2034. To support this growth, the company will invest over $15 billion in transmission infrastructure, on top of its existing $38 billion four-year capital spending plan.

DEVELOPMENT: Amazon buys 97 acres in Virginia for potential data center development. Amazon has acquired 97 acres in Leesburg, Virginia, paying $195 million to Luck Stone. The site sits adjacent to Luck Stone’s long-running quarry operation in Northern Virginia’s Loudoun County—one of the world’s most active data center markets. The land has been under rezoning review for data center use since 2023, with Luck Stone now seeking approval for four two-story buildings totaling about 1 million sq ft. Amazon has not confirmed specific development plans but said it is “constantly evaluating new locations based on customer demand.” Jon Riley, GM of Luck Real Estate Ventures, noted that “more than one” data center firm had previously approached the company about the parcel.

READ: Data center growth has sparked a natural gas “gold rush.”