$21M on the Table for Cedar Knolls Land

ANNE ARUNDEL COUNTY, MD-Corporate Office Properties Trust has spent $21 million for the first phase of a 108-acre acquisition deal at Cedar Knolls, a mass of development-ready land just a stone’s throw from the company’s 1.2-million sf, fully leased National Business Park. Cedar Knolls can accommodate up to 1.3 million sf of office space, and this initial buy has a capacity of up to 900,000 sf. A definitive time and price for the second round of the remaining small portion of land to be acquired has not yet been set.

“Our strategy has been to selectively develop buildings only when we were certain that the demand was there and the investment returns were attractive,” explains COPT president and COO Randall M. Griffin. “We intend to continue utilizing the same prudent strategy with this new site. Fortunately, demand from the government and defense contractors for space at National Business Park remains very strong, which should enable us to continue generating solid returns over time, as we develop this site.”