CoreWeave, a company based in Roseland, NJ, has recently signed a long-term lease with Onyx Equities and Machine Investment Group for building 11 NEST at the Northeast Science & Technology (NEST) Center in Kenilworth, NJ. The plan is to convert the 280,000-square-foot former lab and manufacturing building into a data center.
The project will involve an investment of $1.2 billion from CoreWeave and more than $50 million from the Onyx Equities-led venture. This will be CoreWeave’s first data center in New Jersey.
According to John Saraceno, co-founder and managing principal for Onyx Equities: “This partnership positions NEST as a major hub for data processing, AI technology,and biopharma innovation.” He also added that having CoreWeave as part of NEST would benefit life science and biotechnology tenants by providing them with advanced cloud infrastructure to support their AI-driven projects while boosting research capabilities.
Building 11 NEST is located within the two-million-square-foot campus formerly owned by Merck before it was acquired by current ownership in February 2023. With this new development project underway at the campus,NJ can look forward to further growth in its tech industry sector.
