COPT, which has a portfolio of some 90 properties totaling 6.9 million sf in Maryland, Pennsylvania and New Jersey, acquired the property three years ago and subsequently renovated it to position it for sale. The building is fully occupied by the Associated Press, which uses it as an operations headquarters.

The sale also marks the completion of the first development project of COPT's wholly owned subsidiary, Corporate Office Services. The latter provides design/build and other services to third parties. In the case of the Associated Press, COS did consultation work on the long-range use of the facility and designed a turnkey building expansion and renovation that will enable the media service company to remain in the location under its new ownership. During the time that COPT owned the property, it also acquired adjacent acreage to allow for expansion of the building and its parking capacity.

"We acquired the building because it presented us with the opportunity to create value," explains Dwight Taylor, president of COS. "Our strategy involves the ongoing purchase, value creation and eventual sales of opportunistic projects such as this one. And I think our efforts were helpful in satisfying the needs of the Associated Press, which has made a long-term commitment to the property. We will continue to look at similar value-added projects in our geographic region."

Beyond the 90 properties that COPT owns outright, it also holds a joint venture interest in another five properties. Besides its design/build capabilities, COS also provides land planning, consulting and merchant development services.