Corporate Office Properties Trust (COPT) has announced the formation of a new joint ventures with funds affiliated with Blackstone Real Estate. The new ventures are acquiring interests in eight single-tenant, data center shell properties totaling 1.3 million square feet and are valued at $293 million.
In a recently closed transaction, Blackstone acquired a 90% interest in two of COPT’s wholly owned data center shell properties valued at $90 million. Blackstone has also signed an agreement to acquire a 90% interest in six other data center shell properties partially owned by COPT. That transaction is expected to close before the end of the year.
“We are very pleased to expand our relationship with Blackstone,” said Stephen Budorick, president and CEO at COPT. “These transactions further confirm the value of our portfolio of strategically located data center shell properties and the value our development platform adds for shareholders.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.