Corporate Office Properties Trust Signs 123,000 Square Foot Lease at M Square Research Park
COLUMBIA, Md.--(BUSINESS WIRE)--
Corporate Office Properties Trust (COPT) (NYSE:OFC) announced today the execution of a long term lease to a large credit worthy tenant for the entire four-story Class A office building consisting of 123,000 square feet at M Square Research Park. The building, located at 5850 University Research Court in College Park, Maryland, has an anticipated completion date of December 2009. This is COPT's second building to be built at M Square Research Park.
M Square Research Park is a joint venture being developed by COPT, the University of Maryland and Manekin, LLC in which COPT owns a 45% interest, to co-develop, lease and manage approximately 750,000 square feet of new office space in 8 buildings. The 124 acre site is owned by the University of Maryland and has been designated as its official research park. M Square Research Park is located adjacent to the University of Maryland campus at the intersection of Route 1 and Paint Branch Parkway in College Park, Maryland. Other tenants at the research park include the National Oceanic and Atmospheric Administration, the UM Center for the Advanced Study of Languages and Earth System Science Interdisciplinary Center (ESSIC). This will be a multi-year phased development plan. Phase I of the project will comprise 3 buildings totaling an estimated 315,000 square feet.
"We are pleased to sign this significant lease at M Square, exhibiting strong demand for office space in the research park," stated Randall M. Griffin, President and Chief Executive Officer for Corporate Office Properties Trust. "With the adjacency to the University as a research resource, the nearby Metro stop and supporting retail amenities inside the Beltway, this lease justifies our confidence in this unique site," he added.
Corporate Office Properties Trust (COPT) (NYSE:OFC) is a specialty office real estate investment trust (REIT) that focuses on strategic customer relationships and specialized tenant requirements in the U.S. Government, Defense Information Technology and Data sectors. The Company acquires, develops, manages and leases properties which are typically concentrated in large office parks primarily located adjacent to government demand drivers and/or in growth corridors. As of March 31, 2008, the Company owned 248 office and data properties totaling 18.7 million rentable square feet, which includes 18 properties totaling 806,000 square feet held through joint ventures. The Company's portfolio primarily consists of technically sophisticated buildings in visually appealing settings that are environmentally sensitive, sustainable and meet unique customer requirements. More information on COPT can be found at www.copt.com.
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, 2007.
Source: Corporate Office Properties Trust (COPT)
Released June 5, 2008