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Real Estate Investment Trust COPT
COLUMBIA, Md.-Corporate Office Properties Trust announced today that it has entered a new submarket with control of approximately 15 acres and the development potential of between 800,000 and 980,000 square feet. This project, known as Patriot Ridge, is located in the Northern Virginia submarket of Springfield. Construction of the first building, consisting of approximately 240,000 square feet, is targeted to start in the fourth quarter of 2010.
Patriot Ridge is located adjacent to the new National Geospatial Intelligence Agency (NGA) headquarters currently under construction. NGA is a Department of Defense combat support agency and is the third largest agency of the 17 agencies making up the U.S. Intelligence Community. The NGA will occupy a 2.4 million square foot facility which will be located at Fort Belvoir. NGA develops imagery and map-based intelligence solutions for U.S. national defense, homeland security and safety of navigation.
Fort Belvoir is the beneficiary of the largest BRAC gain of any military installation in the country. The implementation of BRAC at Fort Belvoir includes 20 separate projects comprising nearly 6.2 million square feet of building space to support approximately 19,300 personnel relocating to Fort Belvoir.
“Our expansion into Springfield fits within our Super Core strategy of locating adjacent to government demand drivers,” stated Randall M. Griffin, President and Chief Executive Officer of Corporate Office Properties Trust. “Our site will provide superior speed to market, visibility, access and proximity to serve critical missions relocating to Fort Belvoir as a result of BRAC,” he added.
Company Information
Corporate Office Properties Trust 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, 2010, the Company owned 268 office and data properties totaling 20 million rentable square feet, which includes 20 properties totaling 1.1 million 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. COPT is an S&P MidCap 400 company and more information can be found at www.copt.com.
Source: Corporate Office Properties Trust (COPT)
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Corporate Office Properties Trust Announces Patriot Ridge Development in Springfield, Virginia is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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