COPT forms two data center JVs with Blackstone Real Estate

Corporate Office Properties Trust (OFC) announced the formation of two new joint ventures with entities affiliated with Blackstone Real Estate (BX). The Joint Ventures acquired a 90% interest in five single-tenant, data center shell properties totaling approximately 1.1M square feet and valued at $278M. The acquisition was executed through two separate transactions occurring in mid-December and early January. COPT received approximately $250M of proceeds which it will deploy to fund the equity required for its development pipeline. With these closings, the company does not anticipate the need to raise any additional equity capital in 2023.