Griffin told listeners that its development pipeline is 54%leased--including a recent aggregate 375,000 square feet in dealsfor threebuilding leases. "With all of our buildings underconstruction orunder development being government or defense ITbuildings, we believethis concentration is unique among officeREITs and positions us wellfor growth that helps offset somewhatthe recession impact," Griffinsaid.

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In addition, he added, the REIT recently signed a small leasefor aDefense Information Systems Agency contractor for spaceatColumbia Gateway, "which is the first evidence of DISAcontractordemand outside of the national business park.

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At the same time, a number of development opportunities havebecomeavailable from developers unable to secure financing fortheirprojects, Griffin noted.

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"We have been working to selectively pursue those opportunitiesthatfit our super core strategy and would now expect that severalof theseopportunities will be finalized in the first half of 2010.These majorprojects would represent both submarket and geographicexpansion."

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All together, COPT is reporting that, at year-end, itsportfolioconsisted of 249 properties, totaling 19.1 million squarefeet, that is90.7% occupied and 91.3% leased, according to commentsmade during thecall by Roger Waesche, COPT's EVP and COO.

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COPT's occupancy was down 0.2% quarter-over-quarter. During thefourthquarter the REIT leased 610,000 square feet, of which 408,000squarefeet were renewals, 101,000 square feet was retenanting,69,000 squarefeet was first-time lease-up of previously acquiredspace and 32,000square feet was development. For all of 2009, itleased just under 2.6million square feet, of which 1.76 millionsquare feet were renewals,441,000 square feet was retenanting,247,000 square feet wasfirst-time lease-up of previously acquiredspace, and 111,000 squarefeet was development space.

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