Corporate Office Properties Trust Selected as Master Developer for the Colorado Springs Airport Mixed-Use Business Park
COLUMBIA, Md.--(BUSINESS WIRE)--
Corporate Office Properties Trust (COPT) (NYSE:OFC) announced today that the City of Colorado Springs has selected the Company to be the Master Developer for the 272 acre Colorado Springs Airport Mixed-Use Business Park in Colorado Springs, Colorado. This is the first public/private partnership to develop office space in Colorado Springs. COPT's previous public/private experience will enhance this collaborative effort with the City. COPT's development plan is to create a business park and regional gateway that provides a dynamic mix of office space, industrial/flex space, retail and hospitality services. The business park will total approximately 3.5 million square feet with an estimated $800 million total investment. This will be a multi-year phased development plan with the first phase expected to begin next year.
COPT will lease the land on a long-term basis as each parcel commences development, will oversee the development, construction, leasing and management of the business park and will have a leasehold interest in the buildings.
The development plan provides business and recreational opportunities while emphasizing the natural beauty and views of this prominent business park located at the foot of Pikes Peak. The first phase includes, 270,000 square feet of Class A office space, 17,000 square feet of retail space and 244,000 square feet of industrial/flex space. Separately, the project will include the development of a resort hotel and an 18 hole golf course. The development plan provides for large open areas with an extensive trail system and the protection of native prairie grasses located on the site.
The business park is strategically located at the entrance of the Colorado Springs Airport and adjacent to the Peterson Air Force Base.
COPT has assembled a highly specialized and capable team to develop the Colorado Springs Airport Mixed-Use Business Park and meet the numerous goals of the City of Colorado Springs.
"We are very excited that the City of Colorado Springs chose COPT for this development opportunity. We are committed to working with them to bring this business park to fruition in a short timeframe and to provide an economic driver for southeast Colorado Springs," stated Randall M. Griffin, President and Chief Executive Officer of Corporate Office Properties Trust. "We will develop a business park that will benefit tenants from its close proximity to the airport as well as attract defense related tenants due to its location adjacent to Peterson Air Force Base. COPT's local team has the necessary relationships and experience to attract these types of tenants to this business park," he added.
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 June 30, 2007, the Company owned 247 office properties totaling 18.5 million rentable square feet, which includes 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.
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, 2006.
Source: Corporate Office Properties Trust (COPT)
Released September 13, 2007