Search
 

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.

By Erika Morphy | erikamorphy | | Updated on July 22, 2016
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.

“This venture demonstrates the strength of demand for strategically located data center properties leased to high credit tenants, as well as the value creation inherent in our Defense/IT development business,” Stephen E. Budorick, who became the REIT’s CEO in May, said in a prepared statement.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.