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Corporate Office Properties Trust Recaps Six Data Centers With New Partner

COLUMBIA, MD-The partner purchased its interest in the venture for $44 million while COPT realized $104 million in proceeds.

Corporate Office Properties Trust CEO Stephen Budorick Corporate Office Properties Trust CEO Stephen Budorick

COLUMBIA, MD-Corporate Office Properties Trust has partnered with an affiliate of the San Francisco-based private investment firm GI Partners to recapitalize six data center properties from its data center shell development program that total 962,000 square feet. GI Partners purchased its interest in the new 50-50 owned JV for $44 million while COPT realized $104 million in proceeds.

The venture raised $60 million of 10-year mortgages at a 3.4% interest rate to finance approximately 40% of the value of the properties.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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