Philadelphia-based developer Rubinstein Cos. had previously owned the Fairfax County buildings, which sit at 15049 and 15059 Conference Center Dr. and offer 145,050 sf and 145,200 sf, respectively. Greens I was constructed five years ago and is also known as the Aerospace Building because it houses the Aerospace Corporation, which occupies nearly 134,000-sf of the edifice.
Greens II is located on 10 acres adjacent to the first building and boasts tenants such as the Boeing Co., which has an 80,000-sf space, and Booz Allen Hamilton, which occupies 25,500 sf. Both six-story structures are leased to near capacity at 96% occupancy, and the first rollovers do not occur until 2005.
This most recent acquisition marks an increase in COPT's presence at Westfields and in the Northern Virginia market. The REIT owns other properties in the sprawling office park--including the 470,000-sf office building at 15000 Conference Center Drive and an additional 17-acre plot of land capable of containing a 400,000-sf office structure, both of which the company acquired in April of this year.
"Our buildings are well leased to large, excellent credit corporations, with no near-term rollover," COPT president and COO Randall M. Griffin says. "The tenants are predominately defense contracting firms that are experiencing rapid growth. Our strategy is to capture this growth over time through capitalizing on our ability to develop another 780,000 sf of office space on the 56 entitled acres that we now own, or control, in the prestigious Westfields Corporate Center."
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