Oct 28 2009
Corporate Office Properties Trust (COPT) (NYSE:OFC) announced today the acquisition of a 474,000 square foot office tower, a parking lot, a utility distribution center, four waterfront lots and riparian rights, all part of the Canton Crossing planned unit development in Baltimore, Maryland.
The waterfront lots are approved for 500,000 square feet of office, 150,000 square feet of retail, a 450 room hotel and a marina. The office tower is 91% leased with CareFirst as the largest tenant at 34%. The financial details of the transaction will be disclosed on our third quarter earnings conference call scheduled for Thursday, October 29, 2009 at 11:00 a.m. Eastern Time. Detailed information to access the conference call will be provided in our third quarter earnings press release to be issued Wednesday, October 28, 2009.
“We are pleased to add this acquisition to our portfolio,” stated Randall M. Griffin, President and Chief Executive Officer for Corporate Office Properties Trust. “These are excellent, high quality assets that COPT has acquired at a fair price with additional upside resulting from the potential for future development. Canton Crossing, in the Canton area of Baltimore, is in close proximity to I-95 and is well positioned to capture future growth along the Baltimore waterfront,” he added.
Source: http://www.copt.com/