Corporate Office Properties Trust (COPT) has formed a joint venture with Blackstone Real Estate Income Trust (BREIT), Inc. to acquire seven of COPT’s existing, single-tenant, data center shell properties, which 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.