Located in St. Mary's County near the Patuxent Naval Air Station, COPT's new properties are spread out between the Exploration and Expedition Office Parks in Lexington Park, and the Wildewood Technology Park in California, MD, a city just five miles outside of Lexington Park. The buildings boast a stellar list of occupants, most of which are defense industry contractors, including BAE Systems, Bearing Point, Raytheon, and Science Applications International Corp. The entire portfolio is leased out at 96%. "The tenant profile expands our existing relationships with a number of key tenants within the government contractor sector," Griffin says.

There is a second segment to this acquisition endeavor that is scheduled to take place within 60 days of the first phase of the transaction. The final part of the deal allows COPT to acquire two additional structures accounting for a total of more than 100,000 sf, for which the REIT will pay $13.6 million.