BALTIMORE-Corporate Office Properties Trust has sold five buildings in the White Marsh submarket for $19.2 million. The buildings total approximately 163,000-square feet and are 83.2% leased. “The White Marsh asset sales represent meaningful progress toward executing our Strategic Reallocation Plan,” said Randall M. Griffin, the outgoing CEO of the REIT, in a prepared statement. It is netting $18.5 million from the sale. Four of the five buildings were constructed in the mid-to-late 1980s.

COPT first described this Strategic Reallocation Plan in April 2011. Essentially it is a roadmap for the REIT to recycle capital in its portfolio, in part to fund its BRAC-related development pipeline. In December 2011, it announced plans to expand the scope of this strategic plan, adding an additional $312 million of assets to be sold within the next three years. Now the size of the Strategic Reallocation Plan is $572 million.

So far under the program, COPT has sold $95.9 million of buildings and adjacent land containing approximately 1.2 million square feet, and realized net proceeds of $88.5 million. Most of these trades occurred in the fourth quarter of 2011, with the sale of 15 properties for $52.2 million.

COPT is not the only REIT to sell off assets in this area: Prologis has just closed on the sale of an office/flex portfolio located in nearby Columbia. The 588,009-square-foot portfolio includes twenty buildings in three business parks—Columbia Gateway Business Park, Columbia Business Center and Oakland Ridge. Jonathan Carpenter and James Wellschlager of Cassidy Turley’s Capital Markets Group represented the seller. A New England-based institutional investor purchased the 93% leased portfolio. Like COPT, Prologis is shedding non-core assets, Carpenter said in a prepared statement.

“These properties were highly finished and, in many cases, nearly 100% office, which is different than the typical product owned by Prologis,” he said.