Newmark announced it has arranged the $322 million sale of the Northeast Science & Technology Center (“NEST”), a 107-acre, 2-million-square-foot mixed-use campus in Kenilworth.
The Newmark team was led by Co-Head of Strategic Advisory Andrew Warin and Executive Vice Chairman Josh King, in collaboration with Head of Data Center and Digital Infrastructure Capital Markets Brent Mayo and oversight from Co-Head of U.S. Capital Markets Doug Harmon, Co-Head of Global Debt & Structured Finance Jordan Roeschlaub, who represented the sellers, Machine Investment Group and Onyx Equities. The buyer was CoreWeave, a leading cloud provider specializing in AI infrastructure.
“This transaction underscores the accelerating demand for high-powered, well-located sites capable of supporting AI and cloud workloads at scale,” said Harmon. “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.”
The transaction follows CoreWeave’s October 2024 lease of a 280,000-square-foot building within the campus, where it announced plans to invest $1.2 billion to develop its first New Jersey data center. That commitment catalyzed the company’s broader acquisition strategy and further solidifies its expansion plans across the region.
“This milestone sale builds on our longstanding track record of delivering strategic outcomes for data center investors and developers,” said King. “As AI infrastructure evolves, we’re seeing capital flood into locations where power, entitlement and connectivity converge — and this site checks every box.”
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.
Strategically positioned near the Garden State Parkway with direct access to interstates 78, 278 and 95, the property is just 8 miles from Newark Liberty International Airport and 15 miles from Jersey City, offering strong regional connectivity and proximity to a deep talent pool and research institutions.
