COPT paid $5.3 million from its cash reserves and assumed an existing $3.9-million loan on the property. The class A facility last changed ownership five years ago. Located just off I-95, the single-story site sits within the 630-acre Columbia Gateway Business Park. It is fully leased to telecommunications company Broadwing Corp.
For locally-based COPT, the acquisition marks an increase in its already large presence within the office compound. "The company has again added to its strong position in the Columbia Gateway Business Park, owning about half of the office square footage in the largest business park in Howard County, MD," says COPT president and CEO Randall M. Griffin.
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