A real estate investment trust headquartered in Columbia that focuses on locations that support the federal government and its contractors has sold most of its interest in some properties to another REIT.
Corporate Office Properties Trust sold 90% of its interest in two single-tenant data center shell properties to Blackstone Real Estate Income Trust Inc. for $77 million. The properties have 297,160 square feet of warehouse space.
The two companies will hold the buildings in an existing joint venture.
COPT said in a news release that it plans to use the proceeds in its its 2.6 million square foot pipeline of active development and redevelopment projects, which are 82% pre-leased.