Corporate Office Properties Trust Acquires 433,814 Square Feet in Northern Virginia.

Business Editors

COLUMBIA, Md.--(BUSINESS WIRE)--July 28, 2003

Corporate Office Properties Trust (NYSE:OFC), announced today the $75.2 million acquisition of five Class A office buildings totaling 433,814 square feet, located in the Herndon and Dulles South submarkets of Northern Virginia. The buildings are 96% leased. Two of the buildings, One and Two Dulles Technology Center, totaling 166,821 square feet, are located near the Company's recently acquired One Dulles Tower building leased to VeriSign. Three buildings, One, Two, and Three Ridgeview at Westfields, totaling 266,993 square feet, are located adjacent to the Company's existing properties in the Westfields Corporate Center.

The acquisition increases Corporate Office Properties' ownership in Northern Virginia to over 1.6 million square feet, with over 1.0 million square feet in the Dulles South submarket, and over 570,000 square feet in the Herndon submarket.

"We continue to pursue our strategy of assembling critical mass in Northern Virginia, through the acquisition of well leased buildings with little rollover during the next two years. With this acquisition, we have now acquired $165 million, and exceeded our acquisition goal for the entire year," stated Randall M. Griffin, President and Chief Operating Officer of Corporate Office Properties Trust.

Company Information

Corporate Office Properties Trust is a fully integrated, self-managed, real estate investment trust which focuses on the ownership, management, leasing, acquisition and development of suburban office properties located in select Mid-Atlantic submarkets. The Company currently owns 118 office properties totaling 9.9 million rentable square feet, including three properties held through joint ventures. Corporate Development Services, the Company's development company, provides a wide range of development and construction management services. In addition, Corporate Office Services provides land planning, design/build services, consulting and merchant development to third party entities. The Company's shares are traded on the New York Stock Exchange under the symbol OFC. More information on Corporate Office Properties Trust can be found on the Internet at www.copt.com.

Forward-Looking Information

This press release may contain forward-looking information within the meaning of the Private Litigation Reform Act of 1995. We are making these statements based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with the forward-looking information include the strength of the commercial office real estate market in which the Company operates, competitive market conditions, general economic growth, interest rates and capital market conditions. The Company undertakes no obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the Securities and Exchange Commission.