Corporate Office Properties Trust Acquires Five-Building Portfolio Near BWI Airport.

Business Editors

COLUMBIA, Md.--(BUSINESS WIRE)--Mar. 22, 2001

314,594 square feet of space is 98% leased

Company now owns 55 buildings totaling 4.2 million square feet in

Baltimore-Washington Corridor

Corporate Office Properties Trust (NYSE:OFC) announced today the acquisition, through a joint venture, of a five-building, 314,594 square foot office portfolio near the Baltimore-Washington International (BWI) Airport from UBS Brinson Realty Investors LLC (AETNA Life Insurance Company).

The buildings, which are 98% leased to companies including CIENA Corporation, Cadmus Journal Services, Inc. and the United States Government, increases the Company's presence in the Baltimore/Washington corridor to more than 4.2 million square feet of office space among 55 buildings.

All five office buildings, located in the Airport Square Business Park, are multi-story office projects adjacent to the BWI Airport, and are within minutes from MD Route 295 and Interstate 95. Amenities and services adjacent to the portfolio include restaurants and retail space.

This acquisition brings to 89 the number of office buildings owned by Corporate Office Properties, encompassing 6.9 million square feet of office space. In addition, the Company currently has more than $83 million in construction projects underway in the Baltimore-Washington corridor, consisting of four buildings totaling 491,000 square feet of office space.

"With the acquisition of these five office buildings, the Company now controls 87% of the office space in the Airport Square Business Park area," explained Randall M. Griffin, President and Chief Operating Officer for Corporate Office Properties. "This critical mass of space provides the Company with the unique advantage of satisfying the total real estate requirements of our current tenants, as well as new firms entering the market. Companies seeking office space in the Baltimore-Washington corridor consistently look to Corporate Office Properties first, to fulfill their real estate needs," he added.

Company Information

Corporate Office Properties Trust is a fully-integrated, self-managed real estate investment trust, which focuses on the ownership, development, management and acquisition of suburban office properties located in targeted suburban submarkets in the United States.

The Company presently owns 89 office properties totaling 6.9 million square feet of space. 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.

For more information, visit Corporate Office Properties' website at http://www.copt.com.

Forward-Looking Information

This press release contains forward-looking information based upon the Company's current best judgement 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. For further information, please refer to the Company's filings with the Securities and Exchange Commission.