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OFC - COPT launches new $119M data center shell JV with Blackstone Real Estate
Corporate Office Properties Trust
Corporate Office Properties Trust ([[OFC]] -1.0%) formed a new joint venture with funds affiliated with Blackstone Real Estate.The Joint Venture acquired a 90% interest in two single-tenant, data center shell properties totaling 432K sq. feet and valued at $119M.The company received ~$107M of equity proceeds it will deploy into its 1.7M sq. foot pipeline of active development projects that, as of May 31, 2021, were 87% pre-leased.