$223M: COPT’s Sale Price for 243K-SF Data Center in Manassas
Columbia, MD-based Corporate Office Properties Trust has sold COPT DC-6, a 243,000-square-foot data center in Manassas, VA, for $223 million. The buyer is an investment vehicle managed by Cloud Capital, an affiliate company of CloudHQ.
The property was the only asset in the company’s wholesale data center reporting segment. There was no debt on the asset, and the company will recycle the proceeds into funding its 1.8 million square feet of development projects.
“Furthermore, this sale provides our Company with cost-effective equity capital to fund our highly successful and value accretive development pipeline, simplifies our corporate profile by removing the only multi-tenant data center from our portfolio, and further concentrates our capital allocation to defense/IT locations,” said Stephen Budorick, COPT’s president and CEO.
COPT owns, manages, leases, develops and selectively acquires office and data center properties. Cloud Capital is an investment management firm established to identify and capitalize on acquisitions of high-quality data centers.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.