Cloud Capital, an affiliate company of CloudHQ, which is a hyperscale data center developer and operator in the United States and Europe, has acquired via an investment vehicle, 100% of a 19.25-megawatt wholesale data center in Manassas, Virginia, known as COPT DC-6, from Corporate Office Properties Trust (NYSE: OFC) for $222.5m.

COPT DC-6 – CloudHQ Acquires Wholesale Data Center

COPT DC-6 is a two-story wholesale data center located at 9651 Hornbaker Road in Manassas, Virginia, which is part of Prince William County. The facility is situated on a 19.5-acre land parcel in the 1.5k-acre Innovation Park.

Overall, COPT DC-6 comprises 19.25 megawatts of power capacity across 233k sqft of gross building area, of which 100k sqft is raised floor.


As of September 30, 2021, COPT DC-6 was 86.7% leased, implying that 16.7 megawatts of the data center’s capacity was utilized. However, as shown below, an 11.25-megawatt lease that expired in August 2020 remains in-place until renewed by both parties or terminated by either party.

Lease Expiration Profile
Year of ExpirationMWRental Revenue Expiring

Per the latest investor presentation of Corporate Office Properties Trust (COPT), the company categorizes this 11.25-megawatt anchor tenant lease in its “risks” category.


During Q3 2021, COPT DC-6 generated revenues of $8.6m, net operating income (NOI) of $3.3m, and Cash NOI of $3.4m. Therefore, on an annualized basis, COPT DC-6 produces revenues of $34.5m, net operating income (NOI) of $13.2m, and Cash NOI of $13.5m.

Real Estate

As of December 31, 2020, Corporate Office Properties Trust (COPT) held the 9651 Hornbaker Road data center at a gross carrying value of $272.5m. Incorporating accumulated depreciation of $72.2m, the property’s net carrying value equates to $200.3m.

Prior Sale

In September 2010, Corporate Office Properties Trust (COPT) acquired the 9651 Hornbaker Road data center, which was known as Power Loft @ Innovation, for $115.5m. At this time, COPT committed to complete the remaining development of the site, with additional development costs of $166m.

Ownership Structure

The wholesale data center located at 9651 Hornbaker Road in Manassas, Virginia is owned through the entity COPT DC-6, LLC (previously Powerloft @ Innovation I, LLC), via the holding company, Powerloft Holdings, LLC.

Transaction Rationale – Corporate Office Properties Trust (COPT)

Corporate Office Properties Trust (COPT) intends to recycle proceeds from the sale of COPT DC-6, to Cloud Capital, into funding its 1.8 million sqft of development projects that, on September 30, 2021, were 94% leased. Additionally, this sale simplifies COPT’s corporate profile by divesting the only multi-tenant data center from its portfolio.

Mary Zhang covers Data Centers for Dgtl Infra, including Equinix (NASDAQ: EQIX), Digital Realty (NYSE: DLR), CyrusOne, CoreSite Realty, QTS Realty, Switch Inc, Iron Mountain (NYSE: IRM), Cyxtera (NASDAQ: CYXT), and many more. Within Data Centers, Mary focuses on the sub-sectors of hyperscale, enterprise / colocation, cloud service providers, and edge computing. Mary has over 5 years of experience in research and writing for Data Centers.


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