Corporate Office Properties Trust (COPT) acquired the Power Loft @ Innovation data center in Manassas, Virginia, on September 14, 2010. COPT’s 2010 Form 10-K reports a purchase price of $115.5 million; contemporary news coverage rounded it to $115 million. The company also estimated $166 million in additional development costs, a separate, projected investment rather than part of the acquisition price.
Who bought Power Loft, and when?
The buyer was Corporate Office Properties Trust, commonly called COPT—not a generic corporate-office real estate investment trust. COPT acquired the wholesale data center on September 14, 2010. Its 2010 Form 10-K, filed in 2011, identifies the property at 9651 Hornbaker Road in Manassas, Virginia.
The filing gives the acquisition price as $115.5 million. DataCenterKnowledge’s September 14, 2010 report describes the price as $115 million. The figures differ in precision: the article rounded the price, while the filing provides the more exact amount.
What did the purchase price cover—and what was separate?
The $115.5 million was the reported acquisition price. COPT separately estimated that it would spend an initial additional $166 million to develop the property toward an expected initial stabilization critical load of 18 megawatts (MW). That $166 million was an estimate of follow-on development costs, not a final reported spend or an addition to the purchase price.
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The filing describes the building as 233,000 square feet. At acquisition, it was 17% leased to two tenants, whose combined initial critical load was 3 MW and whose expansion rights could bring their combined load to 5 MW. DataCenterKnowledge reported 16% leased; COPT’s filing gives 17% for the acquisition date.
How was the facility structured and marketed?
Power Loft LLC, founded by James Coakley and backed by Iron Point Partners, developed the facility. COPT formed Powerloft Services LLC with Coakley to manage development, operations, and leasing; COPT held a controlling interest in that venture.
The 2010 report described a two-story design intended to separate server space from mechanical equipment. It said the site had 50 MW of power capacity from the Northern Virginia Electric Cooperative (NOVEC), and described a hybrid power distribution system from Validus DC Power that offered customers an AC or DC option.
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DataCenterKnowledge also reported a power usage effectiveness (PUE) of 1.28 and LEED Silver certification. Those are claims reported in 2010; the article does not establish later operating performance or whether the certification remains current.
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In a July 24, 2013 report, Data Center Dynamics said COPT had renamed the building COPT DC-6. It reported that COPT leased an additional 2 MW to an unnamed Fortune 100 consumer electronics and technology company. The facility was then built out to provide 9 MW of its stated 18 MW potential, and the new commitment brought total leased capacity to 6.3 MW.
These figures describe the facility in 2013; they do not establish its current ownership, name, leasing, or operating status.
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Why the deal mattered to COPT
The transaction paired a relatively low-occupancy acquisition with a substantial planned data-center buildout. COPT’s expected 18 MW stabilization target and the property’s existing tenant expansion rights framed the development opportunity, while the separate $166 million estimate showed that completing the buildout would require significant additional investment.
At the time, COPT CEO Randall Griffin said: “The Northern Virginia data center market is among the strongest and most stable in the U.S., with demand expected to significantly outpace supply for the next several years.” Coakley described COPT’s development capacity this way: “This is great news,” said Power Loft’s Coakley. “COPT loves the design, and they have a national development focus and more of a capital runway.” These are statements made in the 2010 acquisition coverage, not current market assessments.
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