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COPT sells stake in 7 data centers to Blackstone for $238.5 million

Corporate Office Properties Trust sold a 90% stake in seven of its data center properties for $238.5 million, establishing a joint venture with Blackstone Real Estate Income Trust.

COPT, a Columbia-based real estate investment trust, said it retained a 10% stake in the joint venture.

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The shell properties, each leased by a single tenant, contain 1.2 million square feet of space.

“We are excited to form this new partnership with Blackstone, and believe this transaction demonstrates the strength of demand for strategically located data center shell properties leased to high credit tenants, as well as the strength of our development platform,” COPT President and CEO Stephen E. Budorick said in a statement.

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