Columbia-based Corporate Office Properties Trust (COPT) executed a build-to-suit lease with a Fortune 100 defense contractor at The National Business Park, adjacent to Fort George G. Meade in Annapolis Junction.
The 186,000-square-foot development is designated for LEED Silver and, upon completion, will increase the park to 4.3 million square feet.
COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties. The majority of its portfolio is in locations that support the U.S. government and its contractors, most of whom are engaged in national security, defense and information technology-related activities servicing what the company believes are growing, durable, priority missions.
The company also owns a portfolio of office properties located in select urban/urban-like submarkets in the greater Washington/Baltimore region with durable Class-A office fundamentals and characteristics.
As of June 30, COPT derived 90% of its core portfolio annualized rental revenue from defense/IT locations and 10% from its regional office properties. As of the same date and including 19 properties owned through unconsolidated joint ventures, COPT’s core portfolio of 186 properties encompassed 21.9 million square feet and was 93.7% leased.