COPT completes second close of new data center shell JV with Blackstone Real Estate

Corporate Office Properties Trust has completed the second and final close of its new joint venture with funds affiliated with Blackstone Real Estate, which was previously announced on November 2, 2020.

The Blackstone Funds acquired a 90 percent interest in six data center shell properties that contain 979,000 square feet and were valued at $203 million. COPT received approximately $84 million of equity value from the transaction for its 40 percent interest. The remaining equity value was distributed to a prior investor who held a 50 percent interest in these assets. The completion of this transaction follows the Blackstone Funds’ earlier acquisition of a 90 percent interest in two of COPT’s wholly owned data shell properties valued at $90 million.