Corporate Office Properties Trust (COPT), which is listed on the NYSE:OFC, executed leases with a subsidiary of an investment-grade Fortune 500 company to deliver two shell buildings on land purchased in Ashburn, Virginia (Ashburn Crossing).
The two buildings will aggregate 315,000 sq ft.
COPT’s total investment in Ashburn Crossing is projected to be US$42m, which includes the remaining land on which the company can build one additional building.
Construction on the first 200,000 sq ft buildings (COPT DC-8) will commence early in 2013, in anticipation of a fourth quarter 2013 lease start date.
COPT said it anticipates breaking ground on the second 115,000 sq ft building (COPT DC-9) no later than mid-2014, with a lease start date approximately nine months later.
The leases were signed at the end of 2012 and brought the company’s development leasing volume to 1.2m sq ft for the year.
“We are pleased to be able to meet this customer’s need in Northern Virginia, one of COPT’s strategic markets,” Roger A. Waesche, Jr, President & Chief Executive Officer of COPT, said.
“These leases further evidence COPT’s discipline in matching new development starts to projects where demand is strong and/or where we have leases in-hand.”
COPT is an office REIT that focuses primarily on strategic customer relationships and specialized tenant requirements in the US Government and Defense Information Technology sectors and data centers serving such sectors.
It acquires, develops, manages and leases office and data center properties that are typically concentrated in large office parks primarily located adjacent to government demand drivers and/or in strong markets it believes possess growth opportunities.
As of September 30, 2012, the Company’s consolidated portfolio consisted of 206 office properties totaling 18.6m rentable square feet.