Corporate Office Properties Trust (COPT) has formed a new joint venture with funds affiliated with Blackstone Real Estate.
The joint venture acquired a 90 percent interest in two, single-tenant, data center shell properties totaling 432,000 square feet and valued at $119 million. COPT received approximately $107 million of equity proceeds it will deploy into its 1.7 million-square-foot pipeline of active development projects that, as of May 31, 2021, were 87 percent pre-leased.
