WASHINGTON, DC-Corporate Office Properties Trust has acquiredtwo class A office buildings on the Capitol Riverfront for a totalof $119 million. COPT is assuming a $70.1-million mortgage loanwith the 362,000-square-foot buildings, called Maritime Plaza I andII. The loan matures in March 2014 and has a fixed rate of5.35%.

The two buildings, built in 2001 and 2003, are subject to 99-yearground leases with Washington Gas Light Co. that expires August2099 and November 2100. Meanwhile, the five- and four-story officebuildings are fully leased, with more than half of the spaceoccupied by investment grade tenants, such as Computer SciencesCorporation, General Dynamics and SAIC.

They are located at 1201 M St. SE and 1220 12th St. SE, adjacent tothe Washington Navy Yard. The office buildings are part of aplanned fivebuilding mixed-use project called Maritime Plaza, which-- thanks to its proximity to the Washington Navy Yard -- isexpected to be a beneficiary of BRAC growth.

For example, the Navy recently said it intended to hire another1,000 employees by 2011 with an additional 2,400 employees by 2015.The deal is COPT’s first acquisition in a DC submarket, accordingto a statement by Randall M. Griffin, CEO of COPT. It also fits inthe REIT’s “Super Core” strategy of developing and acquiringproperties leased to the US government, defense IT and data sectortenants as well as locating next to government demand drivers, hesaid. COPT did not return a call to GlobeSt.com in time forpublication.

COPT is also expanding its presence in the data center space --another new strategy for the REIT -- as its recent $115-millionacquisition of Power Loft @ Innovation illustrates.