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Corporate Office sells stake in 2 data center shell assets to Blackstone unit

Corporate Office Properties Trust sold a 90% stake in two single-tenant data center shell properties to Blackstone Real Estate Income Trust Inc.

The transaction marked the completion of the second phase of a joint venture between the office and data center real estate investment trust and the unit of private equity giant The Blackstone Group Inc.

The properties offer 297,160 square feet of warehouse space and have a total implied value of about $80 million.

Corporate Office Properties received $77 million in proceeds, which will be funneled into its pipeline of active development and redevelopment projects totaling 2.6 million square feet. The projects were 82% pre-leased, as of Oct. 9.