US facility · Real estate / data centers
Mitsubishi Estate lines up more than $15 billion of US data center projects through TA Realty
- Company
- Mitsubishi Estate (via TA Realty) (Tokyo)
- Project
- 14 planned US data center campuses, Virginia, Georgia, Illinois and other states
- Value
- More than $15B total project cost (about ¥180B, roughly $1.2B, from Mitsubishi Estate)
- Status
- Confirmed by Mitsubishi Estate in February 2026; the first two buildings in Loudoun County, Virginia, were completed in September 2025 and sold in December 2025. The 14-campus count and 2030 target come from Nikkei.
- Date
- 2025-11-10
Mitsubishi Estate says its US unit TA Realty has lined up about 2.8 gigawatts of data center projects in major US markets since 2021, with total project costs of more than $15 billion. Mitsubishi Estate puts about ¥180 billion of its own money into the program, with institutional investors and partners supplying the rest, and starts building only once power and tenants are secured. Nikkei reported that the plan covers 14 campuses due by 2030. The first two buildings, at the NOVA Business Park campus in Loudoun County, Virginia, were finished in September 2025 and sold to an investor in December.
Why it matters
The plan would make a Japanese property developer a sizable builder of AI-era US data center capacity, using a develop-and-sell model that relies on outside capital. Power availability and tenant demand from the cloud giants are the key risks.
The investment
According to the reports, TA Realty will develop the sites through a mix of build-to-suit projects for signed tenants and speculative builds, and may sell completed assets to institutional investors. Two of the planned facilities had reportedly already secured large US technology tenants. Tenant names were not confirmed in primary sources.
TA Realty set up a dedicated hyperscale data center development unit in January 2024. Tim Shaheen, who previously worked at Aligned Energy and EdgeConneX, leads it. The unit targets Northern Virginia, Atlanta, Chicago and other North American markets. TA Realty has also teamed with EdgeConneX on a planned 324-megawatt campus in Atlanta.
The Loudoun County campus
The flagship site in Leesburg, Virginia, was leased in full in November 2023 to an unnamed global cloud provider under a 430-megawatt build-to-suit agreement. The campus has five buildings totaling about 1.9 million square feet. TA Realty had first outlined a smaller plan for the site in 2021: about $1.8 billion for a 300-megawatt campus.
On February 5, 2026, TA Realty announced the sale of the first two completed, fully leased buildings. They total 745,000 square feet and 165 megawatts of IT capacity. The buyer and price were not disclosed. The sale announcement described the full campus as 450 megawatts, compared with 430 megawatts in earlier reports.
What to watch
In July 2026, Nikkei reported that Mitsubishi Estate also plans to enter the Japanese data center market. President Atsushi Nakajima gave a total project cost of about ¥1.5 trillion for 2,500 megawatts of capacity, with a 2036 horizon. Land and power were reportedly secured for five sites in the Kanto and Kansai regions totaling 1,000 megawatts. As in the US, the plan relies on partners and debt for most of the money.
Sources
Kakehashi M&A News home
