COPT acquires land for data center shell development
COPT Defense Properties acquired a 365-acre land parcel near Des Moines, Iowa in late September for $32 million to expand its data center shell program. The existing zoning on the land allows for data center development and initial plans indicate that the site can accommodate approximately 3.3 million square feet of development, supported by an estimated 1 gigawatt of power capacity. Also, late in the third quarter, the Company acquired an 80,000 square foot building at 3900 Rogers Road in San Antonio, Texas for $17 million. The building was vacant upon acquisition, and the Company subsequently executed two leases with the U.S. Government to occupy the entire building, which it expects to commence in the second quarter of 2025. The Class A office building was constructed in 2005, and is located 5 miles northwest of the Company's approximately 1.0 million square foot campus, which is 100% leased and occupied.
