New JV To Make $300M in Warehouse Purchases and Conversions

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COLUMBIA, MD-Corporate Office Properties has teamed up with Opportunity Invest LLC in a joint venture that will focus on acquiring warehouse properties predominantly located in the Greater Washington, DC area for redevelopment into class A office properties The joint venture, COPT Opportunity Invest I LLC, will spend up to $300 million on purchases, two of which have already closed.

In establishing the joint venture, COPT made an initial investment of $900,000 and will have ownership of an 80% to 93% interest in the properties acquired by COPT Opportunity. Opportunity Invest made an initial contribution of $100,000 for the JV’s formation.