November 6, 2020
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.”
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