Now, it may be pulling a page from its old, pre-Lehman playbook  by calling the top in yet another commercial real estate segment: data centers. 

According to Bloomberg, Blackstone is selling its stakes in a trio of data centers across Northern Virginia for $3.5 billion, cashing out of part of a bet it made less than three years ago.

Digital Realty Trust will pay $1.2 billion of cash and offer $2.3 billion of its shares to Blackstone funds, the firms said in a statement Monday. In exchange, the data center company will acquire Blackstone's 80% interest in two 96-megawatt data centers in Manassas, Virginia, and a 50% interest in a 96-megawatt center in nearby Sterling.

The assets involved in this week's sale were part of a joint venture that Blackstone announced it would set up with Digital Realty in 2023 as it sought to get ahead in the AI arms race that has engulfed Wall Street in recent years. Blackstone and Digital Realty will continue to work together on their remaining data center investments located elsewhere in Northern Virginia as well as in Paris and Frankfurt. 

"We have developed a strong partnership with Blackstone," Greg Wright, Digital Realty CEO, said in the statement. "This transaction reflects the next phase of that relationship, allowing us to increase our ownership in a portfolio of fully leased, high-quality hyperscale assets."

It does. The question is why did Blackstone decide to pull the cord now, just as fresh doubts are creeping whether the Mag 7s will continue funding the AI expansion with virtually unlimited capex.

As part of Wall Street's broader push into data centers, investment has poured into Northern Virginia, which is considered the country's largest data center market, and is better known as "Data Center Alley".

That includes Digital Gateway, an ambitious plan for a 2,100-acre corridor in the region that would house as many as 37 data-center buildings. 

Data center developers eyeing that land have faced strident opposition. Compass Datacenters, backed by Brookfield Asset Management, recently pulled out of a yearslong effort to build a key part of the development after facing intense pushback from local residents.  Blackstone's QTS is also fighting in court to salvage a similarly sized development on adjacent parcels.

The increasingly vocal political and grassroots pushback against new data center construction may explain why Blackstone is getting cold feet just as the AI bubble is peaking.  A recent Gallup poll found that 7 in 10 Americans oppose constructing data centers for artificial intelligence in their local area, including nearly half, 48%, who are strongly opposed. Barely a quarter favor these projects, with 7% strongly in favor.