COPT Completes Second Close of New Data Center Shell Joint Venture with Blackstone Real Estate

Dec 23, 2020

Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) has completed the second and final close of its new joint venture with funds affiliated with Blackstone Real Estate (the “Blackstone Funds”), which was previously+announced+on+November+2%2C+2020. The Blackstone Funds acquired a 90% 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% interest. The remaining equity value was distributed to a prior investor who held a 50% interest in these assets. The completion of this transaction follows the Blackstone Funds’ earlier acquisition of a 90% interest in two of COPT’s wholly owned data shell properties valued at $90 million.

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