In a move that perhaps further solidifies its commitment to New Jersey, CoreWeave bought the 280,000-square-foot building it has been leasing at the Northeast Science and Technology Center in Kenilworth for $322 million, Newmark announced Friday afternoon.
The transaction follows CoreWeave’s October 2024 lease of the building within the campus, where it announced plans to invest $1.2 billion to develop its first New Jersey data center. That commitment served as a catalyst for the company’s broader acquisition strategy and further solidifies its expansion plans across the region.
CoreWeave is a leading cloud provider specializing in AI infrastructure.
To be clear, the purchase is for the building and the land around it – not the entirety of the park known as the NEST, that is owned and controlled by Onyx Equities.
The Newmark team was led by co-head of strategic advisory Andrew Warin and executive vice chairman Josh King, in collaboration with the head of data center and digital infrastructure capital markets, Brent Mayo.
It included oversight from Doug Harmon, co-head of U.S. capital markets and Jordan Roeschlaub, co-head of global debt & structured finance, who represented the sellers, Machine Investment Group and Onyx Equities.
“This transaction underscores the accelerating demand for high-powered, well-located sites capable of supporting AI and cloud workloads at scale,” Harmon said. “CoreWeave’s investment in Kenilworth reflects the site’s strategic potential and the market’s appetite for next-generation infrastructure aligned with near-term power delivery.”
Onyx Equities, through spokesperson Ron Simoncini, released a statement addressing any misconception around the sale.
“We are pleased to announce that CoreWeave has purchased the 280,000 building it had already secured by lease and the land immediately around it at Northeast Science and Technology Center in Kenilworth,” Simoncini said. “Onyx Equities and its partner Machine Investment Group continue to own and operate the balance of the site and has more than 2 million square feet of space to lease on the campus.”
Formerly owned by Merck, the campus was acquired in 2023 by Onyx Equities and Machine Investment Group for $187.5 million, with plans to reposition the property into a mixed-use life sciences and innovation hub. CoreWeave’s acquisition represents a significant repositioning of the asset as demand for AI-driven digital infrastructure accelerates.
Located at 2000 Galloping Hill Road, NEST comprises nine buildings — including office, lab, R&D and support facilities — alongside a robust utility infrastructure, including a 50-megawatt substation, cogeneration and chiller plants, and a central boiler facility.
The property offers 36 acres of land for future redevelopment and features amenities such as a cafeteria, fitness center, conference center, auditorium, heliport, underground parking and on-site management office.
