Corporate Office Properties Trust (COPT) has announced a new joint venture with funds affiliated with Blackstone Real Estate to purchase data center shells.
The JV has acquired a 90% stake in two single-tenant data center shell properties totalling 432,000 square feet (40,100 sqm). The properties are valued at $119 million, and COPT received $107million of equity proceeds.
It will reportedly deploy this into its 1.7 million sq ft pipeline of active development projects that, as of May 31, 2021, were 87% pre-leased.
