COPT Sells 80% Share of 157,000-SF Office Building

FAIRFIELD, NJ-Corporate Office Properties Trust, based in Columbia, MD, has sold an 80% share in 695 Route 46, a 157,000-sf office building here for a price tag of $20 million. Further details of the transaction, including the identity of the buyer, were not disclosed. The sale was part of a corporate effort to shuffle its assets.

“Our company’s plan is to dispose of our non-core assets and re-deploy the net proceeds generated by the sales into higher yielding assets,” explains Randall M. Griffin, president and chief operating officer for the self-managed REIT.

The company currently maintains a portfolio of 110 office properties totaling about nine million sf. In the case of 695 Route 46, the gain from the sale “will be deferred due to our remaining [20%] investment in the property,” Griffin says.