Located within close proximity to the Dulles International Airport, Waterview I is fully occupied by VeriSign Inc. under an 11-year lease that began in 2001. "This transaction is unusual, in that it is a genuine win-win for all parties," says VeriSign director of purchasing Jade Dauser. "VeriSign is able to meet its sizeable current and future growth needs for space in Northern Virginia, while lowering its operating costs. Tishman Speyer Properties realizes its vision for the Waterview development, and Corporate Office Properties gains a significant presence in the area, in a beautiful landmark building."

Part of the funds used to acquire the property came from money yielded through COPT's recent sale of nearly 5.3 million common shares of beneficial interest.