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NeoCloud/GPU deals

Lynnway Park: Comparable Transactions

Eight disclosed CoreWeave and Crusoe data center deals in the 5–60MW range, sorted by size: the closest public comparables to a single-anchor NeoCloud/GPU tenant on a site of Lynnway Park's size. At the 1–4MW conversion scale of 626 Lynnway no comparable transaction is publicly documented. Compiled August 2026 from filings, press releases and trade press; every figure is cited.

8 deals 2 disclosed rates Research basis, not vendor quotes

1. Comparison matrix

Sized 5–60MW, each a single-anchor NeoCloud/GPU tenant taking space from a third-party landlord or operator: the landlord structure both model cases (0 Circle Avenue Shell-Only, 626 Lynnway MEDC conversion) are built around.

DealMWLandlordRateTermBuilding
Crusoe · Culpeper, VA5EquinixNot disclosedNot disclosedColocation (existing campus)
CoreWeave · Hillsboro, OR9FlexentialNot disclosedNot disclosedNew build (colo)
CoreWeave · Douglasville, GA9FlexentialNot disclosedNot disclosedNew build (colo)
CoreWeave · Plano, TX12*Lincoln Rackhouse$75/kW/mo6yr +2×2yrColocation (existing campus)
Crusoe · Polar DRA01, Norway12Polar Data CentersNot disclosedLong-termNew build, liquid-cooled
CoreWeave · Chester, VA18.6Chirisa Technology Parks$115/kW/mo12yr +2×5yrConversion (former Capital One DC)
CoreWeave · Kenilworth, NJ~50†Onyx Equities / Machine Investment Group§Not disclosedLong-term (lease, at signing)Conversion (former Merck lab/mfg)
CoreWeave · Boston, MA60‡Not disclosedNot disclosedNot disclosedUnder construction, est. 2027
BasisSelect a deal name to go to its detail section below. *Plano's 12MW is the disclosed initial phase of a 30MW total commitment (Lincoln estimated ~$90M CapEx to support the full 30MW). †Kenilworth's leased IT MW is not disclosed; the figure shown is the site's 50MW substation capacity, an upper bound, not a confirmed committed load. ‡Boston's 60MW is aggregator-sourced capacity for a site under construction, not from a primary press release or filing, so it is provisional (see section 8). §Onyx/MIG was the landlord at signing (Oct 2024). CoreWeave later bought the building outright for $322M (Aug 2025), converting the lease into ownership (see section 7). Rates are rarely disclosed in these deals; Chester, VA and Plano, TX are the two exceptions found, both through court filings.

2. Crusoe · Culpeper, VA (Equinix): the named 5MW comparable

Landlord: Equinix, within its existing Culpeper, VA campus. Disclosed in Crusoe's ESG report as a 5MW deployment, one of Crusoe's four named US/Iceland cloud regions.

BasisA colocation deployment inside an existing multi-tenant Equinix facility, a lighter structure than Lynnway Park's single-anchor-building case. It confirms 5MW as an active Crusoe GPU/AI cloud deployment size. No rate, term or CapEx figure has been publicly disclosed.

3. CoreWeave · Hillsboro, OR & Douglasville, GA (Flexential): the closest size match to Lynnway Park's base case

Landlord: Flexential (owns and operates both buildings). Two 9MW deployments, announced together, splitting an 18MW total commitment evenly.

Both sites are existing Flexential colocation facilities (Hillsboro 4 and a Douglasville, GA building), not purpose-built: CoreWeave took space within an operating multi-tenant campus rather than commissioning a dedicated shell. Neither rate nor term is publicly disclosed for either site.

BasisAt 9MW each, these are the closest capacity match in this set to 0 Circle Avenue's 6MW default (12MW site cap). They show a single-digit-MW GPU/AI anchor tenant as an executed deal structure. They are the same sites cited in the Benchmark Comparison, section 1 tenant-realism research.

4. CoreWeave · Plano, TX (Lincoln Rackhouse): a close size match with a disclosed rate

Landlord: Lincoln Rackhouse (Lincoln Property Company). Facility: 1000 Coit Road, Plano, TX, an existing Lincoln Rackhouse colocation site. Terms disclosed in a Dallas County, TX district court filing.

TermValue
Structure6-year Master Services Agreement (not a lease)
Initial deployment phase12 MW
Total potential critical IT loadUp to 30 MW, phased
Base rent$75/kW/mo
Landlord CapEx to support 30MW~$90M
Contract value, initial 30MW / 6yr term~$260M
Renewal optionsTwo 2-year terms, ~$180.4M additional
Plano tax incentives/abatements~$141M (split CoreWeave/Lincoln)
BasisThe second disclosed rate, alongside Chester, VA. At a 12MW initial phase it is a close size match to 0 Circle Avenue's 6MW default, and like Culpeper it is a colocation deployment inside an existing building. $75/kW/mo is a wholesale colocation rate paid by the tenant to an operator that provides power, cooling and services, not a shell-landlord rent, so it does not compare directly with the model's default NeoCloud landlord rent of $28.37/kW/mo (see Assumptions §1). It is also well below Chester's $115/kW/mo, which suggests colocation inside an existing multi-tenant building prices lower than a dedicated single-tenant conversion.

5. Crusoe · Polar DRA01, Norway: liquid-cooled, single-anchor, purpose-built

Landlord: Polar Data Centers. Crusoe's first mainland European cloud deployment, announced June 2025.

TermValue
IT load leased12MW (of 12MW immediately available)
Site expansion capacityUp to 52MW (36MW more in development)
Plot size60,600 sqm (~652,000 sqft)
Power source100% hydroelectric
CoolingFree cooling / rear-door heat exchange / direct liquid cooling; target PUE 1.12
BasisThe closest structural match to Lynnway Park's NeoCloud archetype in this set: a single GPU/AI anchor tenant taking all the immediately available capacity of a purpose-built, liquid-cooled facility, with room to expand on the same site as demand grows, as at 0 Circle Avenue's 6MW start and 12MW site cap. No rate has been publicly disclosed.

6. CoreWeave · Chester, VA (Chirisa): a deal with a disclosed rate

Landlord: Chirisa Technology Parks / Chirisa Investments, backed by a $200M Brookfield construction loan. Facility: CTP-01, 1401 Meadowville Technology Parkway, Chester (Chesterfield County), VA, a converted former Capital One / Digital Fortress data center of ~242,000–250,000 sqft.

TermValue
Initial critical power licensed18.6 MW
Rate$115/kW/mo
Escalation3% per year
Starting monthly recurring charge~$2.14M/mo
Term12 years, + two 5-year extension options
Total contract value (after later expansion)~$365M
Construction financing$200M (Brookfield, via Chirisa)
BasisChester's disclosed rate is $115/kW/mo for an 18.6MW deal in a converted building with a single GPU/AI anchor on a long-term licence. The model's NeoCloud landlord rent is $28.37/kW/mo by default (see Assumptions §1). They do not compare directly. Chester's is a wholesale colocation rate paid by the tenant to a landlord that funds and delivers a fitted-out, powered facility. The model's figure is a shell-landlord rent against the landlord's much smaller CapEx (its default gives a 7–8% yield on cost), with the operator funding the fit-out and earning the colocation rate. Chester's rate therefore sits closer to the operator rates in §1 of the Assumptions than to the landlord rent. It comes from a court filing, a more reliable source than a press quote.

7. CoreWeave · Kenilworth, NJ (NEST11): a Northeast US conversion

Landlord (at signing): Onyx Equities / Machine Investment Group, at the Northeast Science & Technology Center (NEST), a repositioned former Merck world headquarters in Kenilworth, Union County, NJ.

TermValue
Building280,000 sqft (former lab/manufacturing)
On-site substation50MW
CoreWeave's conversion investment$1.2B
Landlord's base-building investment$50M+
Later outright purchase by CoreWeave (Aug 2025)$322M (building + 27 acres)
Original campus acquisition (2023, by Onyx/MIG)$187.5M (whole 107-acre, 2M sqft campus)
BasisThis mirrors the "new build vs. conversion" question in Assumptions §3. CoreWeave chose to convert an existing lab/manufacturing building rather than build new, prioritising speed to power over a purpose-built shell. CoreWeave took on almost all of the fit-out cost ($1.2B vs. the landlord's $50M), structurally close to the model's Shell-Only deal at a much larger scale. It ended in an outright purchase rather than a long-term lease.

8. CoreWeave · Boston, MA: the only deal in Lynnway Park's metro

Location: Boston, MA (Suffolk County). Status: under construction, hyperscale classification, ~60MW announced capacity, estimated completion 2027.

Reasoning. The only CoreWeave (or other named neocloud) footprint found in Massachusetts. It appears in a data center tracking aggregator (USDataMap), not in a primary press release, filing or CoreWeave announcement, and no landlord, exact address, lease structure or rate could be confirmed. At 60MW it is five times 0 Circle Avenue's 12MW site cap, closer to the Kenilworth and Chester scale than to the 5–12MW comparables this page focuses on.

To verifyIncluded because it is the only neocloud activity in the Boston metro, not as a size match. The 60MW figure and "under construction" status are provisional (aggregator-sourced) until a primary source is found. No Boston-area comparables in Lynnway Park's 5–12MW range appear in public records. Single-digit-MW neocloud deals are concentrated in VA, OR/GA, TX and NJ rather than New England, which likely reflects New England's higher power costs and thinner GPU-cloud tenant demand relative to those markets (see Market Rate Benchmark).

9. 1–4MW building-conversion comparables: none published at 626 Lynnway's scale

Every deal above is 5MW or larger, and most are ground-up or full-scale conversions with an operator taking on nearly all the fit-out. 626 Lynnway is a Micro Edge Data Center (MEDC) case: a landlord converting existing floor space at 1–4MW, carrying only floor preparation and security while the operator brings its own IT. It sits below and apart from every deal in the matrix.

No comparable transactions are published at this scale. Trade press (DataCenterDynamics, DataCenterKnowledge, Bisnow, CommercialSearch, CoStar, Data Center Frontier) shows no named 1–4MW building-conversion or micro-edge colocation transaction with disclosed landlord economics (named counterparties, MW size and $/kW rate together). Unlike the 5–60MW hyperscale and neocloud deals above, this structure (existing-building conversion, minimal landlord scope, operator-owned IT) is not publicly documented at the individual-transaction level.

Segment / lease structureRate ($/kW/month)Source
Retail colocation, <1MW, Full Service/Gross lease$200–400CREFC Data Center E-Primer, 2026
Edge deployments generally (smaller scale, higher unit cost)$180–250CBRE, via SiteBid Market Report, 2025
Wholesale colocation, 250kW–4MW$120–150CBRE / SiteBid Market Report, 2025
Europe, 250–500kW requirements, Q1 2026$165–265CBRE Global Data Center Trends 2026
To verifySegment-level pricing bands, not comparable transactions: no named landlord, tenant or site backs any of these figures. They are a market-rate reference for 626 Lynnway's rent, not evidence of what a 1–4MW conversion deal has priced at. The Full Service/Gross retail colocation tier ($200–400/kW/mo) is the closest structural analogue to the 626 Lynnway MEDC case (a landlord bundling more into the rate than a bare NNN shell), but it is a generic industry tier, not a direct comparable.

10. Sources

  1. dgtl Infra, CoreWeave: Data Center Regions, Locations, and GPU Cloud (Chester, VA rate/term detail from NY state court filing; Plano, TX rate/term detail from Dallas County, TX district court filing; Hillsboro/Douglasville capacity table). dgtlinfra.com, 2026-04-27.
  2. USDataMap, CoreWeave Data Centers in Massachusetts (Boston facility capacity/status, aggregator-sourced, not a primary filing). usdatamap.com.
  3. Data Center Dynamics, Chirisa secures $200 million loan to fit out Virginia data center for CoreWeave. datacenterdynamics.com, 2023-09-19.
  4. Epoch AI, CoreWeave Chester VA (AI Data Centers Directory, current/projected IT power and cost tracking via satellite imagery). epoch.ai, updated 2026-08-16.
  5. Baxtel, CoreWeave: Chester, VA Data Center (12-year license term). baxtel.com.
  6. Real Estate NJ, CoreWeave begins $1.8 billion data center project in Kenilworth, landing first award under new EDA tax credit program. re-nj.com, 2025-11-25.
  7. NJBIZ, CoreWeave acquires NEST data center from Onyx JV for $322M. njbiz.com, 2025-08-08.
  8. CommercialSearch, CoreWeave Buys $322M Kenilworth, NJ Lab Building for Planned Data Center. commercialsearch.com, 2025-08-14.
  9. New Jersey Business Magazine, CoreWeave Signs 280,000 SF Lease at NEST Center. njbmagazine.com, 2024-10-28.
  10. Baxtel, CoreWeave: Hillsboro, OR Data Center (Flexential twin-site 18MW split). baxtel.com.
  11. Data Center Dynamics, CoreWeave to lease Flexential data centers in Oregon and Georgia. datacenterdynamics.com, 2023-10-11.
  12. Data Center Dynamics, Crusoe to lease Polar data center in Norway for AI cloud (includes Culpeper, VA 5MW ESG-report disclosure). datacenterdynamics.com, 2025-06-11.
  13. Data Center Map, PolarDC DRA01 Data Center in Oslo (60 MW). datacentermap.com.
  14. CREFC, Data Center E-Primer (lease structure pricing tiers, incl. Retail/Full Service <1MW). crefc.org, 2026-02-25.
  15. SiteBid, Data Centers Market Report for Property Owners (CBRE-sourced wholesale/edge rate bands). sitebid.com, 2025-08-08.
  16. CBRE, Global Data Center Trends 2026 (Europe 250–500kW rate band). cbre.com, 2026.