Hyperscaler signs 20-year lease for 50MW at Goodman's Tsukuba campus

Goodman has signed an unnamed hyperscaler to a 20-year lease for 50MW at its Tsukuba Tech Central data center in Japan. The company announced the deal on 17 August, with the first building, TKO05, set to be ready for service in early 2028. Data Center Dynamics first reported the announcement.

TKO05 is the first phase of a campus planned for 1GW. Goodman bought the 45-hectare parcel in Tsukuba City, about 50km northeast of Tokyo, from the local government in 2022, and in January 2024 said it would develop a data center on the site. The 50MW lease covers 5% of the eventual capacity.

The 20-year term suggests the tenant plans to use the capacity through multiple hardware generations. The coverage does not name the tenant, state a rent, or disclose construction costs. That gap matters: a 20-year contract is only as good as the credit behind it, and so far that credit is anonymous.

Tsukuba is one of three Goodman sites with a claim on hyperscale demand around Greater Tokyo. The business park in Inzai, Chiba, already holds more than 300MW of data center development. In May, Goodman was appointed lead development partner for a possible campus in Sagamihara City, Kanagawa Prefecture.

Globally, Goodman says its power bank stands at 6.4GW across 16 metropolitan cities, including 700MW of stabilized assets and 400MW in development in supply-constrained markets. Active projects include LAX01 Vernon in Los Angeles, HK10 in Hong Kong, and AMS01 in Amsterdam.

The TKO05 lease is a toehold. A single 50MW lease secures the first phase; it does not finance the campus. The coverage does not say how the rest of the campus will be financed. A second 20-year lease would look like anchor pricing. If none comes quickly, the early-2028 ready-for-service date will be the tell.