Columbia-based Corporate Office Properties Trust (COPT) has announced the formation of new joint ventures with funds affiliated with Blackstone Real Estate. The new ventures are acquiring interests in eight single-tenant, data center shell properties totaling 1.3 million square feet and valued at $293 million.

In a recently closed transaction, Blackstone Real Estate acquired a 90 percent interest in two of COPT’s wholly owned data center shell properties valued at $90 million. Blackstone has also signed an agreement to acquire a 90 percent interest in six other data center shell properties partially owned by COPT. That transaction is expected to close before the end of the year.

“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,” said Tyler Henritze, head of acquisitions Americas for Blackstone. “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.”