(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.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
