OFC - Corporate Office Properties forms data center JVs with Blackstone

New joint ventures formed by Corporate Office Properties Trust (OFC) and funds affiliated with Blackstone (BX) Real Estate are acquiring interests in eight single-tenant, data center shell properties totaling 1.3M square feet and valued at $293M.In a recently closed deal, Blackstone Real Estate acquired a 90% interest in two of OFC's wholly owned data center shell properties valued at $90M.Blackstone Real Estate also agrees to acquire a 90% interest in six other data center shell properties partially owned by COPT; that transaction is expected to close by the end of the year."We believe data centers will continue to benefit from strong secular tailwinds, including immense demand growth as internet traffic and the use of cloud services continue to rise, " said Tyler Henritze, head of Acquisitions Americas for Blackstone Real Estate.

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Corporate Office Properties forms data center JVs with Blackstone