Fort Ritchie is currently home to a series of unused office and residential buildings, as well as vast acres of open space. The locale was decommissioned as an active military base in 1998, and a series of plans to redevelop the sprawling property have since fallen by the wayside.

"Corporate Office Properties was selected based on our significant experience and our ability to deliver PenMar's stated goals--job creation, economic development, increasing Washington County tax revenue, and helping and being involved in the local community," company president and COO Randall M. Griffin explains. "In addition, we have the capacity to assume the financial burden for necessary infrastructure improvements." Information on what COPT plans to do with the property, which has 330 to 380 acres of developable space, have not yet been revealed.