Corporate Office Properties Trust Signs 74,749 Square Foot Lease in Colorado Springs, Colorado
COLUMBIA, Md.--(BUSINESS WIRE)--
Corporate Office Properties Trust (COPT) (NYSE:OFC) announced today the execution of a long-term lease with The Spectranetics Corporation (NASDAQ:SPNC) in a building, located at 9965 Federal Drive within the InterQuest Office Park in Colorado Springs, Colorado. The InterQuest Office Park is in the northeast submarket of Colorado Springs along I-25, and is adjacent to the 132-acre land parcel in which the Company purchased a 50% interest during September 2005.
Spectranetics develops, manufactures and markets single-use medical devices used in minimally invasive surgical procedures within the cardiovascular system in conjunction with its proprietary CVX-300(R) excimer laser system which is the only system approved by the FDA for the treatment of multiple cardiovascular diseases. They will lease the entire building at 9965 Federal Drive that was acquired by COPT in January 2006. The building, which is under redevelopment, will become operational in the first half of 2007, and will be Spectranetics worldwide headquarters. Spectranetics has an option to expand the building by up to 40,000 square feet during the first four years of the lease.
"We are pleased to announce this full building lease in Colorado Springs," stated Randall M. Griffin, President and Chief Executive Officer for Corporate Office Properties Trust. "COPT has continued to increase its portfolio in Colorado Springs. Including this building, we now own 12 buildings totaling 842,000 square feet, 2 buildings under construction for an additional 150,000 square feet, and we own or control through a joint venture, sufficient entitled land to build an additional 1.9 million square feet. With this lease, we are now 96% leased on our Colorado Springs portfolio," 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 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.
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.
Source: Corporate Office Properties Trust (COPT)
Released January 8, 2007