Data Center: COPT buys Northern Virginia data center for $115M

by Ryan Sharrow Staff for Baltimore Business Journal

Corporate Office Properties Trust has acquired a massive data center in Northern Virginia for $115 million.

The purchase of the 233,000-square-foot Power Loft @ Innovation in Manassas includes the assets of Power Loft LLC, developer of the data center.

The 20-acre site is 16 percent leased to two tenants. COPT CEO Randall M. Griffin said Capgemini and Horizon Data Solutions have 10-year leases for data storage.

Columbia-based COPT (NYSE: OFC) plans to complete the remaining development over time, Griffin said. The data center’s shell was completed in early 2010 and additional development costs are estimated to reach $166 million.

In a related move, COPT formed a joint venture with James F. Coakley, founder of Power Loft LLC. The venture, known as Powerloft Services LLC, will operate future development of the data center.

The two-story data center is located at 9651 Hornbaker Road within the 1,500-acre Innovation Park, 30 miles southwest of Washington, D.C.


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