Office/Flex Portfolio Finds New Owner in $52M Deal

ST. MARY’S COUNTY, MD-Corporate Office Properties Trust has come into possession of a collection of eight office/flex properties, courtesy of a recent $51.5-million transaction. The Columbia, MD-based REIT acquired the 430,000-sf portfolio and two land parcels accounting for a total of nearly 14 acres from Charlotte, NC-based Faison Associates in an arrangement that required the assumption of a $3.4 million fixed-rate non-recourse loan. “This portfolio is consistent with our strategy of owning critical mass positions in key submarkets within the Greater Washington Region,” COPT president and COO Randall M. Griffin notes.

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.