COLUMBIA, MD–Corporate Office Properties Trust completed 185,000 square feet in development leasing thus far in the fourth quarter, according to its Q3 earnings report — 170,000 square feet of which it announced with the report's release.
Included in that announcement was a 149,000-square foot long-term lease that a subsidiary of an investment-grade Fortune 500 company signed for a building on land that COPT owns in Northern Virginia. The building is expected to deliver in the third quarter of 2018. The other development lease is in the REIT's Redstone Gateway development in Huntsville, AL. COPT secured a lease for approximately 60%, or 21,000 square feet, of a 36,000-square foot single-story office building to be developed there.
COPT's year-to-date development leasing now stands at 667,000 square feet and is on-track to exceed its annual development leasing goal of 700,000 square feet by at least 100,000 square feet, according to CEO and President Stephen E. Budorick.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
