The lease brings the 145,000-square-foot building to full occupancy, Randall Griffin, president and CEO, says in a prepared statement. COPT did not return a call to GlobeSt.com in time for publication. It also brings its Northern Virginia portfolio to 98% occupancy, he adds.COPT is fortunate to count itself among the Washington, DC-area firms weathering the downturn with relative sanguinity. The company recently inked another lease for 54,000 square feet for a three-story, 80,000-square-foot office still under construction in the North Gate Business Park in Aberdeen, MD. At the end of last year it signed on MITRE Corp. for 73,000 square feet in another building under construction in Annapolis Junction.
To be sure COPT is not the only company inking leases in this environment. The DC market is healthier than many other markets thanks to the presence of the federal government and the many contractors that service it. Still, though, increasingly there are reports of firms dipping well below asking rates to lease out space.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
