Corporate Office Properties Trust to Build 93,000 Square Foot Office Building At the National Business Park.COLUMBIA, Md.--(BUSINESS WIRE)--Jan. 5, 1999-- 72,000 square feet of space pre-leased to Booz-Allen & Hamilton representing 77% of the building Company also acquires 135 National Business Parkway, 87,000 square foot building 100% leased COPT holds options for 77.5 additional acres at Anne Arundel County 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 ) has broken ground for a new 93,000 square foot, four-story office building at The National Business Park in Anne Arundel County, Md. The project, named 134 National Business Parkway, will be developed on a speculative basis by Corporate Development Services, a subsidiary of Corporate Office Properties (the "Company"). The Company expects that construction on the $12 million building will be completed in mid-1999. The Company announced that Booz-Allen & Hamilton, Inc., an international management and technology consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a based in McLean, Va., has executed a lease for 72,000 square feet of space in 134 National Business Parkway, representing 77% of the building. 135 National Business Parkway The Company also announced the acquisition of 135 National Business Parkway, a three-story, 87,000 square foot office building. This building was acquired in December 1998 from Constellation Real Estate Group, Inc. for $12.2 million. As consideration, the Company issued 330,236 Common Shares valued at $10.50 per share and 46,233 of the Company's Series A Convertible Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. which are convertible into Common Shares at $13.34 after a two year period. The balance was paid in cash. The building, which is 100% leased, was completed in December 1998 and is part of the larger Constellation portfolio that was acquired by the Company in September 1998. 135 National Business Parkway is one of two office buildings not included in the initial portfolio acquisition because it was not yet operational. The building features five tenants including Credit Management Solutions, Inc. ("CMSI CMSI Citicorp Mortgage Services, Inc. CMSI Checkout/Control and Monitor Subsystem Interface (NASA) ") (70,982 square feet), Impact Sciences & Technology, Inc. (5,806 square feet), Tenfold tenfold Adjective 1. having ten times as many or as much 2. composed of ten parts Adverb by ten times as many or as much Adj. 1. Corporation (3,986 square feet), Sensys Development Laboratories, Inc. (3,435 square feet) and Mutual of Omaha Mutual of Omaha, best known for sponsoring the popular television show Mutual of Omaha's Wild Kingdom, is a Fortune 500 insurance and financial services company headquartered in Omaha, Nebraska. Insurance Company (2,654 square feet). CMSI, which provides credit automation and loan marketing services to firms such as General Motors Acceptance Corporation, relocated its headquarters to 135 National Business Parkway from the Columbia, Md. area. 134 National Business Parkway 134 National Business Parkway, located across the street from 135 National Business Parkway, marks the fifth low-rise office building constructed in the park and brings the total number of square feet in The National Business Park to 665,000. Of this total space, 97% is presently leased with 21,000 square feet available on the first floor of 134 National Business Parkway. 134 National Business Parkway features 23,250 square feet of space per floor, nine foot ceilings, three elevators, fiber optic telephone and data system connections and free on-site parking. The exterior consists of light gray masonry masonry: see brick; concrete; stonework; tile. masonry Craft of building in stone, brick, or block. By 4000 BC, Egypt had developed an elaborate cut-stone technique. block, and is distinguished by a barrel glass curtainwall feature on the building's front facade, which is suitable for tenant conference rooms or libraries. George Vaeth Associates, Inc. of Columbia, Md. designed the building and George W. Stephens, Jr. and Associates is the civil engineering firm. The National Business Park The National Business Park is a 175-acre business community located at the intersection of MD Route 295 and MD Route 32. Opened in 1990, its tenant roster includes Applied Signal Technology, CMSI, EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. , Intel Corp., Harris Corp., Lockheed/Martin and the U.S. Government. Marriott TownePlace Suites TownePlace Suites, a division of the Marriott International hotel chain, was officially unveiled in Newport News, Virginia on February 23, 1997. Less than ten years later, there are now 123 TownePlace Suites operating across the United States. is set to break ground on a 95-room, three-story "extended stay" hotel that features studios and one or two bedroom units, and is scheduled for completion in May 1999. The National Business Park also features reserved parcels for a planned development of a day care center and retail center. Through its combination in September 1998 with certain entities of Constellation Real Estate Group, Inc., the Company also received options and first rights of refusal to acquire an additional 77.5 acres of land at The National Business Park. The Company plans to develop further office buildings at this site, to keep pace with the demand. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. real estate industry figures from Colliers Pinkard, the area surrounding The National Business Park has a vacancy rate under 4% among Class A office buildings. "Booz-Allen & Hamilton represents a stable and highly recognizable lead tenant for 134 National Business Parkway and we anticipate completing the remaining leasing in this building very quickly," explained 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 leasing momentum for office space in the Baltimore-Washington Corridor continues to be extremely strong and, with our available acreage at The National Business Park, we are well positioned to construct additional office buildings to meet both our existing and new tenant demand," he added. Upon completion, the project will increase 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 2.2 million square feet of office space among 25 buildings. The Company's property management subsidiary, 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 (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ) is the dominant property management company in the Baltimore/Washington corridor, managing more than 18 million square feet of commercial properties. Jim Cahill and Daniel Evans Daniel Evans or Dan Evans is the name of several people:
At the conclusion of 1998, the overall occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) of the Corporate Office Properties portfolio was 98%, with an average lease term of more than six years among its tenants. Company Information Corporate Office Properties Trust is a fully-integrated, self-managed real estate investment trust which focuses on the acquisition, management, ownership and development of suburban office properties located in targeted suburban submarkets. The Company presently owns 54 properties totaling 4.8 million square feet of space. The Company's property management subsidiary, Corporate Realty Management, manages 18 million square feet for the Company and third parties. Corporate Development Services, the Company's development subsidiary, provides a wide range of development and construction management services. 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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