COLUMBIA, Md.--(BUSINESS WIRE)-- Corporate Office Properties Trust (COPT or the Company) (NYSE: OFC) has executed three leases with strategic tenants totaling 363,300 square feet of Class A office space at its Redstone Gateway project in Huntsville, AL. A strategic tenant has leased the Company’s existing office building, 1000 Redstone Gateway, in its entirety. In addition, multiple leases have been signed for 100% of two new office buildings totaling 242,200 square feet; construction of 1100 Redstone Gateway and 1200 Redstone Gateway is scheduled to commence prior to year end. The Company anticipates the tenants will occupy 1000 Redstone Gateway in mid-2013 and the 1100 and 1200 Redstone Gateway buildings by the first quarter of 2014.
As a result of this leasing and the Company’s leasing at Riverwood in Columbia, MD (see press release dated September 10, 2012), the Company’s construction pipeline will increase from approximately 987,800 square feet at June 30, 2012 to 1.25 million square feet. Pre-leasing, which was at 25% on June 30, 2012, now approximates 58%.
“These leases firmly establish Redstone Gateway as a desirable location from which strategic tenants can serve Redstone Arsenal’s various missions,” stated Roger A. Waesche, Jr., President & Chief Executive Officer of COPT. “These transactions also illustrate the cooperative and growing relationship between the Garrison, the Huntsville community and COPT,” he stated.
Redstone Gateway is a consolidated joint venture formed in March 2010 between COPT (85% ownership) and Jim Wilson & Associates (15% partner).
COPT is an office real estate investment trust (REIT) that focuses primarily on strategic customer relationships and specialized tenant requirements in the U.S. Government and Defense Information Technology sectors and Data Centers serving such sectors. The Company acquires, develops, manages and leases office and data center properties that are typically concentrated in large office parks primarily located adjacent to government demand drivers and/or in strong markets that it believes possess growth opportunities. As of June 30, 2012, COPT’s consolidated portfolio consisted of 228 office properties totaling 19.8 million rentable square feet. 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.
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,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” 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 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 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.
Corporate Office Properties Trust (COPT)
Stephanie Krewson, 443-285-5453
VP, Investor Relations
Michelle Layne, 443-285-5452
Investor Relations Specialist
Source: Corporate Office Properties Trust (COPT)