(To read more on the industrial market, click here.)
CHESTERFIELD, VA-Corporate Office Properties Trust has signed a long term lease with Northrop Grumman Corp. for a 193,000-sf office building, which will be built on 28 acres. The projected cost is $54 million.
Called the Northrop Grumman Commonwealth Enterprise Solutions Center, it will contain both the Virginia Information Technologies Agency and Northrop Grumman operations. It will house approximately 600 Northrop Grumman and VITA employees.
COPT will develop the building in the Meadowville Technology Park located in Chesterfield County, VA, south of Richmond at the intersection of I-295 and Route 10. The Meadowville Technology Park is a 1,300 acre park owned by Chesterfield County that is being developed into an office and industrial park. The building is expected to be completed June 2007.
"This project marks the initiation of the company's second expansion strategy, which is to pursue opportunities to partner with its core strategic tenants," says Randall M. Griffin, president and CEO for Corporate Office Properties Trust. He adds that Northrop Grumman is one of COPT's largest tenants.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.