Airport Park Square I, built in the early 1980s, has been a part of COPT's portfolio since 2001. The property sits off I-295 adjacent to the Baltimore-Washington International Airport, and just a stone's throw from I-95 and downtown Baltimore. In addition to office space, the property also features a 5,600-sf fitness center. While terms of Northrop Grumman's lease with COPT have not been disclosed, class A office space in the BWI submarket leases for about $24.20 per sf, according to Delta Associates' Year-End 2003 Report.
"This lease is significant for our company since it represents an increase of 1% in occupancy for the total portfolio," COPT president and COO Randall M. Griffin notes. Northrop Grumman's tenancy brings the occupancy level for the entire Airport Square cluster of buildings up to 93%. "This lease also demonstrates the continued demand from the defense and intelligence sector and the positive impact this growth is having on our company," he adds.
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