Corporate Office Properties Trust has completed the second and final close of its new joint venture with funds affiliated with Blackstone Real Estate

In the venture, the Blackstone funds acquired a 90% interest in six data center shell properties, totaling 979,000 square feet and valued at $203 million. For its 40% interest, COPT received approximately $84 million of equity value from the transaction. The remaining equity value was distributed to a prior investor who held a 50% interest in these assets.

The venture was announced last month. "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," Tyler Henritze, Head of Acquisitions Americas for Blackstone Real Estate, said in a prepared statement at that time. "These transactions are attractive opportunities to invest in high-quality powered shell warehouses in the premier market globally. We have an excellent partner in COPT and look forward to continuing to build our relationship over the long-term."