COPT Executes Large Lease With U.S. Government Behind Fence at Redstone Gateway
01 June 2020 - 8:00PM
Business Wire
100 Secured Gateway now 84% Leased to Multiple
U.S. Government Tenants
Corporate Office Properties Trust (“COPT” or the “Company”)
(NYSE:OFC) completed a large, long-term lease with the U.S.
Government at 100 Secured Gateway, a 250,000 square foot project
under development in the secure portion of Redstone Gateway in
Huntsville, AL. The agency was looking to consolidate into modern,
secure space, and is expected to occupy 100 Secured Gateway before
the end of this calendar year.
“We are proud to have been able to provide the right real estate
solution for this U.S. Government customer and their mission needs,
and humbly welcome them to the secure campus of Redstone Gateway,”
stated Stephen E. Budorick, COPT’s President & Chief Executive
Officer.
About COPT COPT is a REIT
that owns, manages, leases, develops and selectively acquires
office and data center properties. The majority of its portfolio is
in locations that support the United States Government and its
contractors, most of whom are engaged in national security, defense
and information technology (“IT”) related activities servicing what
it believes are growing, durable, priority missions (“Defense/IT
Locations”). The Company also owns a portfolio of office properties
located in select urban/urban-like submarkets in the Greater
Washington, DC/Baltimore region with durable Class-A office
fundamentals and characteristics (“Regional Office Properties”). As
of March 31, 2020, the Company derived 88% of its core portfolio
annualized rental revenue from Defense/IT Locations and 12% from
its Regional Office Properties. As of the same date and including
15 buildings owned through unconsolidated joint ventures, COPT’s
core portfolio of 169 office and data center shell properties
encompassed 19.2 million square feet and was 95.2% leased; the
Company also owned one wholesale data center with a critical load
of 19.25 megawatts that was 76.9% leased.
Forward-Looking Information
This press release may contain “forward-looking” statements, as
defined in Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, that are based on the
Company’s current expectations, estimates and projections about
future events and financial trends affecting the Company.
Forward-looking statements can be identified by the use of words
such as “may,” “will,” “should,” “could,” “believe,” “anticipate,”
“expect,” “estimate,” “plan” or other comparable terminology.
Forward-looking statements are inherently subject to risks and
uncertainties, many of which the Company cannot predict with
accuracy and some of which the Company might not even anticipate.
Although the Company believes that the expectations, estimates and
projections reflected in such forward-looking statements are based
on reasonable assumptions at the time made, the Company can give no
assurance that these expectations, estimates and projections will
be achieved. Future events and actual results may differ materially
from those discussed in the forward-looking statements and the
Company undertakes no obligation to update or supplement any
forward-looking statements.
The areas of risk that may affect these expectations, estimates
and projections include, but are not limited to, those risks
described in Item 1A of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2019 and Quarterly Report on Form
10-Q for the quarter ended March 31, 2020.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200601005105/en/
IR: Stephanie Krewson-Kelly 443-285-5453
stephanie.kelly@copt.com
Michelle Layne 443-285-5452 michelle.layne@copt.com
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