COPT Acquires Herndon Property for $50M

HERNDON, VA-Corporate Office Property Trust, after months of selling off assets, has now acquired one: The REIT has purchased a 202,000-square-foot property here for $49.6 million. True to its mission of focusing on government and government contractor clients, the building is 99% occupied by a tenant in the Defense information-technology industry. The five-story building is located at 13857 McLearen Rd., and is known as the McLearen Center.

“We’re pleased with our ability to execute the disposition of non-strategic assets and to recycle some of the proceeds into McLearen Center, a highly strategic property,” says Roger A. Waesche Jr., president and CEO of COPT, in a prepared statement. He will provide more details about the acquisition during its second quarter conference call, scheduled for July 26th.