Corporate Office Properties Trust recently revealed the formation of a joint venture with Blackstone Real Estate Income Trust Inc. to acquire seven of COPT’s existing, single-tenant, data center shell properties.
According to a prepared release, the properties contain 1.2 million square feet of warehouse space, for a total value of approximately $265 million. COPT received $238.5 million in proceeds from this transaction. The joint venture will be owned 90% by BREIT and 10% by COPT.
“We are excited to form this new partnership with Blackstone, and believe this transaction demonstrates the strength of demand for strategically located data center shell properties leased to high credit tenants, as well as the strength of our development platform,” stated Stephen E. Budorick, COPT’s President & Chief Executive Officer.
North American Data Centers and KeyBanc Capital Markets served as COPT’s advisors on this transaction.
COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology related activities servicing what it believes are growing, durable, priority missions.
The company also owns a portfolio of office properties located in select urban/urban-like submarkets in the Greater Washington, DC/Baltimore region with durable class-A office fundamentals and characteristics.