The first group involves seven structures covering 705,000 sf in Hunt Valley, MD's Hunt Valley Business Community, a 435-acre corporate park with 2.1 million sf of office and R&D space. In Woodlawn, MD, COPT took over ownership of 14 buildings with 402,000 sf at the 289-acre Rutherford Business Center, which features 1.5 million sf of office, R&D and light industrial space.
"Closing on these office buildings is opportunistic for the company," Randall M. Griffin, COPT president and CEO, says. Among other factors, Griffin points to the potential for added value at the properties due to discount to replacement cost and leasing, and the portfolios' proximity to existing COPT properties as two of the most desirable features of the acquisition. "We continue to look for acquisitions where we can buy assets below replacement cost and create value over time through additional leasing and property management."
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