CHANTILLY, Va.— Washington, D.C.-based real estate investment and development firm Penzance has broken ground on Chantilly Premier, a 100% preleased powered shell data center in Northern Virginia’s coveted Data Center Alley, after securing over $100 million in construction financing from QuadReal Property Group.
The project marks a significant expansion of Penzance’s presence in the booming digital infrastructure sector and reinforces Northern Virginia’s status as the world’s largest and most active data center market.
“Penzance is excited to break ground on this project, which will deliver critical digital infrastructure in the world’s largest and most important data center market,” said Cristopher White, Partner at Penzance. “We continue to advance our development pipeline and scale our platform in the data center industry, which reflects our commitment to the sector and the strength of this core data center market.”
Cushman & Wakefield acted as the exclusive financial advisor to Penzance in the deal. The firm’s Equity, Debt & Structured Finance team — including Marshall Scallan, Michael Zelin, and Bindi Shah — arranged the financing, which is backed by QuadReal, a global real estate investment and operating company with a strong conviction in alternative asset classes like data centers.
“This latest debt financing is in direct alignment with QuadReal’s investment strategy and our conviction in alternatives including data centers,” said Paul Stern, Senior Vice President of U.S. Debt Investments at QuadReal. “We are excited to partner with Penzance as they continue to scale their platform in key markets.”
Chantilly Premier is strategically located in Northern Virginia, offering proximity to one of the most dense fiber and power infrastructure networks in the world — a critical advantage for hyperscalers and cloud service providers. While the project details remain confidential, industry insiders expect the facility to meet the escalating demand for scalable, secure, and efficient digital infrastructure in the region.
“We are thrilled to advise Penzance on this pivotal transaction,” said Scallan of Cushman & Wakefield. “Chantilly Premier stands out as a best-in-class development due to its robust infrastructure and premier location in Data Center Alley. Securing this financing highlights the strong market appetite for high-quality, preleased assets backed by experienced sponsors.”
