The buildings in the 2.4-million-sf portfolio are located throughout the Baltimore area, in such submarkets as White Marsh, Columbia, BWI, Towson and Hunt Valley. The portfolio also includes 187 acres of entitled land that can support at least two million sf of office development.
The buildings are approximately 85% occupied. Tenants include Comcast, MedStar Health, Orbital Sciences Corp. and Johns Hopkins University. The $363.9-million acquisition price, which includes approximately $1.4 million in transaction costs, was funded through $182.4 million in debt assumption and cash, COPT says.
The new portfolio offers a number of opportunities for COPT, Randall Griffin, president and chief executive officer, says in a statement. "In addition to being a highly accretive transaction, it offers: value-add opportunities given the occupancy level; expansion into the White Marsh submarket of the I-95 Corridor; the addition of properties to two of COPT's most dominant submarkets; and significant development land added for future growth," he said. COPT did not return calls in time for publication.
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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.
