Assets
Data Center · Princeton

QTS Princeton Data Center

—, Princeton
Verified
Current value
$515.0M
▲ 0.0% 1-yr (modeled)
Cap rate
5.93%
▼ 0 bps vs 5.93% submarket
NOI · derived
$30.5M
$414.1M$442.0M$469.9M$497.9M$525.8M2019202020212022202320242025
sourcedmodeled1 of 7 sourced

Ownership & debt

Ownership transparency

Recorded chain
Recorded owners
QTS Data Centers (Quality Technology Services)
US-DE · Limited Liability Company · Fee simple
Blackstone Infrastructure Partners
Equity interest
Blackstone Real Estate Income Trust (BREIT)
US-MD · Stock Corporation · Equity interest
Ultimate beneficial owner — as recorded
QTS Data Centers, owned by funds managed by Blackstone
Beneficial interest
Blackstone Inc. (NYSE: BX) - held by funds managed by Blackstone (including Blackstone Infrastructure Partners and Blackstone Real Estate Income Trust / BREIT) after the ~$10B take-private of QTS Realty Trust completed Aug 31, 2021. Campus is in East Windsor, NJ, on the former 194-acre McGraw-Hill site, which QTS acquired from McGraw Hill Financial in 2014.
Beneficial interest
Corporate structures from GLEIF LEI Level-1/Level-2 data (CC0, golden copy 2026-07-26). Methodology

Debt

No publicly recorded debt
Debt appears here only when a recorded mortgage, deed of trust or securitization filing names this asset — nothing is inferred from ownership or market norms.
Securitized debt — SEC loan tape
No SEC ABS-EE loan-level filing is matched to this asset. Public loan tapes exist only for SEC-registered CMBS — most large-asset debt is 144A-private, balance-sheet or agency financed and files none.

Underwriting

Assumptions — user inputs, not sourced data: 5-year hold · exit cap +25 bps vs today · 3.0% NOI growth per year.
Assumptions — user inputs, not sourced data
Hold period
Exit cap vs today
+25 bps
NOI growth / yr
3.0%
Unlevered IRR
8.4%
Exit cap
6.18%
Exit value
$572.9M
Exit NOI
$35.4M
Unlevered IRR sensitivity — exit cap Δ × NOI growth
Exit Δ2.0%2.5%3.0%3.5%4.0%
-25 bps8.8%9.4%9.9%10.4%11.0%
0 bps8.0%8.6%9.1%9.6%10.2%
+25 bps7.3%7.8%8.4%8.9%9.4%
+50 bps6.6%7.1%7.6%8.2%8.7%
+75 bps5.9%6.4%7.0%7.5%8.0%
Modeled output — not investment advice. Derived from the assumptions above, not sourced claims.

Provenance footnotes

  1. Current value: Single source — CoStar · https://www.costar.com/article/1671634861/blackstones-qts-breaks-its-own-record-for-largest-cmbs-data-center-refinancing · observed 2025
  2. Cap rate: Estimated — no sourced claim on file.
  3. NOI: Estimated — no sourced claim on file.
  4. Ownership — QTS Data Centers (Quality Technology Services): Single source — qtsdatacenters.com · https://qtsdatacenters.com/news/qts-realty-trust-to-be-acquired-by-blackstone-funds-in-10-billion-transaction/
  5. Ownership — Blackstone Infrastructure Partners: Single source — qtsdatacenters.com · https://qtsdatacenters.com/news/qts-realty-trust-to-be-acquired-by-blackstone-funds-in-10-billion-transaction/
  6. Ownership — Blackstone Real Estate Income Trust (BREIT): Single source — qtsdatacenters.com · https://qtsdatacenters.com/news/qts-realty-trust-to-be-acquired-by-blackstone-funds-in-10-billion-transaction/

Modeled figures — LTV, debt yield, DSCR, cash-on-cash, occupancy, WALT, tenant concentration and every underwriting output are derived arithmetic, not sourced claims. Underwriting outputs follow the assumptions printed in the panel — user-editable inputs, not observations. Not investment advice.

Anchoring begins when the asset enters the live ledger.