Corporate Office Properties Trust Purchases Two-building Portfolio Near BWI Airport.BALA CYNWYD, Pa.--(BUSINESS WIRE)--Nov. 18, 1999-- 200,000 square feet of space is 98% leased Company now owns 41 buildings totaling 2.9 million square feet in Baltimore-Washington Corridor 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 $25.8 million acquisition of a two-building, 200,000 square foot office portfolio near the Baltimore-Washington International Airport from Prentiss Properties Trust. The buildings, which are 98% leased to companies including Aetna/US Healthcare, AT&T, Lucent Technology and PricewaterhouseCoopers, increases the Company's 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 more than 2.9 million square feet of office space among 41 buildings. The acquisition was funded using the Company's existing secured revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility with Deutsche Banc Alex. Brown. Included in this acquisition is a contiguous 6.4 acre site that can support the construction of an additional four-story, 100,000 square foot office building. The Company expects to break ground on this new project in the first quarter 2000, with completion scheduled in fourth quarter 2000. The office buildings, located at 1302 and 1306 Concourse Drive, comprise 85,600 and 113,800 square feet, respectively, featuring brick and glass exteriors, large floorplates and free parking contained on an adjacent surface lot. The Doubletree Hotel adjoins the portfolio that overlooks the Baltimore-Washington Parkway (MD Route 295) and is situated within close proximity to a range of business amenities and services including restaurants and retail space. "The profile of these two buildings perfectly match the requirements of our acquisition strategy, and increases our dominant position in the Baltimore-Washington marketplace," stated Randall M. Griffin, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. for Corporate Office Properties. "The portfolio features strong, national companies as its lead tenants and is positioned in a growing office submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. with low vacancy rates. Our plan is to add immediate value to this development, and take advantage of the strong leasing environment, with the construction of a new Class A office building," he added. The Company owns 32 buildings in the BWI BWI abbr. British West Indies submarket encompassing 2.1 million square feet. Corporate Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Management will handle asset management for the new buildings. 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 74 office properties totaling 5.5 million square feet of space. In addition, the Company's property management company, Corporate Realty Management, manages more than 14.2 million square feet for the Company and third parties. Corporate Development Services, the Company's development company, provides a wide range of development and construction management services. 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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