Mitsubishi Estate Sells Two Newly Completed Data Center Buildings at “NOVA Business Park” in the U.S. to a Third-Party Investor
Two buildings within “NOVA Business Park,” a data center development project being advanced by Mitsubishi Estate Co., Ltd. and Tokyo Century Corp. in Loudoun County, Northern Virginia, were completed in September 2025, and the sale to a third-party investor has been completed. This marks the first project in which TA Realty LLC (TA), a Mitsubishi Estate subsidiary, has grown U.S. data center development into one of its core businesses, and TA secured a hyperscaler as the tenant.
Northern Virginia is known as “Data Center Alley,” the world’s largest concentration of data centers. As of 2025, data centers in the state consume 25% of Virginia’s electricity, a figure expected to reach 46% by 2030. Amid tightening power constraints, TA—having formed a fund and launched the development in 2021—holds a first-mover advantage through early market entry.
Since 2021, TA has sourced U.S. Tier 1 market data center development projects totaling 2.8 GW, with aggregate project costs of approximately $15 billion, and continues to scale the business. Mitsubishi Estate plans to invest approximately JPY 180 billion through a “hybrid model investment,” controlling development risk by following a strategy of breaking ground after securing power and tenants. Hyperscale development is also accelerating in Japan; as of year-end 2023, hyperscale rack counts surpassed retail-type racks for the first time.
Key Facts
Project Name: NOVA Business Park
Sponsor/Developer: Mitsubishi Estate Co., Ltd.; Tokyo Century Corp. (private fund structure)
Development/Operations: TA Realty LLC; TA Digital Group
Location: Loudoun County, Virginia, United States
Completion: September 2025 (two buildings)
Notes: Sale to a third-party investor completed