Blackstone Venture Adds Five Data Centers in Sector’s Largest US Market
January 12, 2023 | Katherine Hamilton and Mark Heschmeyer | CoStar News
Blackstone Group has created two new joint ventures with Corporate Office Properties Trust to acquire five single-tenant data center shell properties in Northern Virginia, expanding the New York private equity giant’s already sizable investment in the nation’s largest data center market.
The data centers total about 1.1 million square feet and are valued at $278 million, according to a statement Wednesday from COPT, a real estate investment trust based in Columbia, Maryland.
The transactions occurred in mid-December and January. COPT received roughly $250 million in proceeds, which it will use to fund equity for its development pipeline, per the statement. With these deals, the company does not anticipate needing to raise any additional capital in 2023.
