COPT's Redevelopment Pipeline Now 54% Leased

COLUMBIA, MD-Corporate Office Properties Trust has a robust development pipeline: specifically, the REIT has eight offices under construction and another three that began construction in early October. The projected cost of these 11 properties, which total 1.3 million square feet, is $307.9 million. Up until Oct. 17, this pipeline was 36% leased. The REIT, though, just announced a new tenant for a building under construction in Blue Bell, Pa., that pushes occupancy rate for these buildings to 54%.

The lease is for 51,000 square feet, space taken by a company that serves the pharmaceutical and biotech industries at Hillcrest II. It is the REIT’s most recent redevelopment start at its business park there. The building will comprise 184,000 square feet when it delivers. The tenant will occupy the building in the second quarter of 2013.