Corporate Office Properties Trust Acquires Three-Building Portfolio in Baltimore-Washington Corridor.Business Editors COLUMBIA, Md.--(BUSINESS WIRE)--May 30, 2001 Company Now Owns Ten Buildings, Totaling 710,500 Square Feet At Columbia Gateway Business Community Corporate Office Properties Trust Corporate Office Properties Trust Inc. (COPT) (NYSE: OFC) is a publicly-traded real estate investment trust (REIT) corporation that specializes in office development, and describes itself as "a fully integrated, self-managed real estate investment trust that focuses on the (NYSE NYSE See: New York Stock Exchange :OFC OFC Office OFC Officer OFC Of Course OFC Oxygen Free Copper OFC Oceania Football Confederation (soccer) OFC Optical Fiber Cable OFC Optical Fiber Communications OFC Optical Fiber Conference ) announced today the acquisition of a three-building, 142,000 square foot office portfolio in Columbia, MD. Two of the buildings are 100% leased to companies including State Farm Mutual Automobile, General Physics Corp. and Arbitron. The Company plans to redevelop re·de·vel·op v. re·de·vel·oped, re·de·vel·op·ing, re·de·vel·ops v.tr. 1. To develop (something) again. 2. and upgrade the third building to be suitable for larger tenants. The acquisition increases Corporate Office Properties' presence in the Baltimore/Washington corridor The Baltimore/Washington corridor is between Washington, D.C. and Baltimore, MD, consisting principally of Anne Arundel, Howard, Montgomery and Prince George's counties. to 4.4 million square feet of office space among 57 buildings. The office buildings -- 6700, 6708 and 6724 Alexander Bell Drive -- are located in Columbia Gateway, a 630-acre business park positioned at the mid-point between Baltimore, MD and Washington, D.C. The park is located at the intersection of MD Route 175 and Interstate 95, with the Baltimore-Washington International Airport located less than five miles away. This acquisition brings to ten the number of Class A office buildings owned by Corporate Office Properties in Columbia Gateway, representing 710,500 square feet of space. This concentration includes One Gateway Exchange, a five-story, 125,000 square foot office building currently under construction, with completion scheduled for the fourth quarter of 2001. The Company also owns a contiguous 9.6 acre site that would support the construction of two additional 125,000 square foot office buildings. "The Company has been successful, through both acquisition and development activities, in creating a critical mass of Class A office buildings in the premiere business park in Howard County Howard County is the name of seven counties in the United States of America:
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. for Corporate Office Properties. "This reinforces our strategy of becoming the dominant owner (Law) one who owns lands on which there is an easement owned by another. - Bouvier. See also: Dominant of Class A office space in the markets we serve. In addition, these buildings feature strong lead tenants, are well-leased and offer excellent upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar to create additional value for the Company," 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company presently owns 91 office properties totaling 7.0 million square feet of space, including five properties held in a joint venture. 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. |
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