Corporate Office Properties Trust Signs Leases for 238,000 Square Feet.

COLUMBIA, Md. -- Corporate Office Properties Trust (COPT) (NYSE:OFC) announced today the execution of three leases for a total of 237,569 square feet. The first is a long-term lease with one of COPT's Top 20 tenants for the entire building under construction located at 320 Sentinel Drive, Annapolis Junction, Maryland. The building, to be known as 320 NBP, will be a 125,681 square foot Class A office building with rent commencing in the fourth quarter 2007.

320 NBP is one of two buildings currently under construction in Phase II of The National Business Park (NBP). Including 320 NBP, COPT has 283,000 square feet under construction in Phase II at NBP and 327,000 square feet under development. Phase II can support 627,500 square feet of additional development and Phase III at NBP can support another 1,250,000 square feet of development.

The second lease for 53,941 square feet was signed with one of COPT's Top 20 tenants for the entire building located at 940 Elkridge Landing Road, Linthicum, Maryland. This building, known as Airport Square VII, has a planned occupancy of second quarter 2007.

The third lease was signed with AARP for an additional 57,947 square feet at 15 West Gude Drive, Rockville, Maryland, with rent commencing in the fourth quarter 2007. This lease brings the total space leased to AARP to 104,695 square feet. The Company's two buildings located at 15 and 45 West Gude Drive (known as Rockville Corporate Center) are now 100% leased.

"We are very pleased to sign a full building lease at both 320 NBP and Airport Square VII with two of our top tenants, as well as expand our relationship with AARP at Rockville Corporate Center, demonstrating COPT's continued ability to grow its existing tenant relationships," stated Randall M. Griffin, President and Chief Executive Officer for Corporate Office Properties Trust.

Corporate Office Properties Trust

Corporate Office Properties Trust (COPT) is a fully integrated, self-managed real estate investment trust (REIT) that focuses on the ownership, management, leasing, acquisition and development of suburban office properties located primarily in submarkets within the Greater Washington, DC region. As of September 30, 2006, the Company owned 186 office properties totaling 15.4 million rentable square feet, which included 18 properties totaling 806,000 square feet held through joint ventures. The Company has implemented a core customer expansion strategy that is built around meeting, through acquisitions and development, the multi-location requirements of the Company's existing strategic tenants. The Company's property management services team provides comprehensive property and asset management to company owned properties and select third party clients. The Company's development and construction services team provides a wide range of development and construction management services for company owned properties, as well as land planning, design/build services, consulting, and merchant development to select third party clients. 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" statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company's current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "estimate" or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Accordingly, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements.

Important factors that may affect these expectations, estimates, and projections include, but are not limited to:

* the Company's ability to borrow on favorable terms;

* general economic and business conditions, which will, among other things, affect office property demand and rents, tenant creditworthiness, interest rates and financing availability;

* adverse changes in the real estate markets including, among other things, increased competition with other companies;

* risk of real estate acquisition and development, including, among other things, risks that development projects may not be completed on schedule, that tenants may not take occupancy or pay rent or that development or operating costs may be greater than anticipated;

* risks of investing through joint venture structures, including risks that the Company's joint venture partners may not fulfill their financial obligations as investors or may take actions that are inconsistent with the Company's objectives;

* our ability to satisfy and operate effectively under federal income tax rules relating to real estate investment trusts and partnerships;

* governmental actions and initiatives; and

* environmental requirements.

The Company undertakes no obligation to update or supplement any forward-looking statements. For further information, please refer to the Company's filings with the Securities and Exchange Commission, particularly the section entitled "Risk Factors" in Item 1 of the Company's Annual Report on Form 10-K for the year ended December 31, 2005.