Corporate Office Properties Trust Acquires Two Office Buildings in Northern Virginia for $48 Million; 2002 Year to Date Acquisitions Total $108 Million.

Business Editors

COLUMBIA, Md.--(BUSINESS WIRE)--Aug. 15, 2002

Corporate Office Properties Trust (NYSE:OFC), the largest owner of commercial office properties in the Baltimore/Washington, D.C. Corridor, announced today the $48 million acquisition of 15049 and 15059 Conference Center Drive, a two-building 290,245 square foot office complex located in Chantilly, VA.

The buildings, known as Greens I and II, are situated in the Route 28 corridor, within the Westfields Corporate Center, just south of Dulles International Airport. The buildings are currently 96% leased and include tenants such as the Aerospace Corporation, the Boeing Company, Booz-Allen Hamilton and Titan Systems Corporation, with no lease rollover until 2005.

The transaction includes the right to purchase a six acre, fully-entitled development parcel that can support approximately 83,000 square feet of additional office space.

"With the acquisition of these two buildings, together with our existing Washington Technology Park building, we now own 760,000 square feet of high quality Class A office space and are quickly moving towards establishing a critical mass of office space in the Northern Virginia region," stated Randall M. Griffin, President and Chief Operating Officer of Corporate Office Properties Trust. "The average price per square foot on our two Northern Virginia acquisitions to date is $136, which is substantially below replacement cost. Importantly, our buildings are well leased to large, excellent credit corporations, with no near-term rollover. The tenants are predominately defense contracting firms that are experiencing rapid growth. Our strategy is to capture this growth over time through capitalizing on our ability to develop another 780,000 square feet of office space on the 56 entitled acres that we now own, or control, in the prestigious Westfields Corporate Center."

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 110 office properties totaling 8.9 million rentable square feet.

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 contains forward-looking information 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. For further information, please refer to the Company's filings with the Securities and Exchange Commission.

Website www.copt.com