MANASSAS, VA-Corporate Office Properties Trust has acquired a 233,000-square-foot data center known as Power Loft @ Innovation here, as well as its assets, for approximately $115 million. It plans to invest an additional $166 million to bring it up to full capacity. The two-story data center is located at 9651 Hornbaker Rd. on a 20-acre site within the 1,500-acre Innovation Park. It is 16% leased to two tenants.
COPT also formed a JV with Power Loft’s founder, James F. Coakley, whose LLC was also providing development management, property management and leasing services to the data center. The new JV, called Powerloft Services LLC, will take over those responsibilities. COPT owns a majority stake in PowerLoft Services.
The duel investments signify COPT’s intention to step up its presence in the data center space, the company’s president and CEO, Randall M. Griffin, said in a prepared statement. Demand is expected to significantly outpace supply for the next several years, he pointed out. COPT did not return a call to GlobeSt.com in time for publication.
Power Loft @ Innovation, whose shell was completed in early 2010, is designed for LEED Silver certification. The center’s two-level design places the 100,000 square feet of raised floor space on the second level with the accompanying equipment on the first level. COPT plans to complete the remaining development with an initial stabilization at 18 megawatts; full capacity is up to 30 megawatts.
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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.
