As part of the deal, COPT also assumed $15.7 million in existing loan debt. The purchases leave the company with a total of $264.3 million in acquisitions for the year.
Located in the Dahlgren Technology Center, the properties are fully occupied--as is the entire center--mostly by US Department of Defense contractors, including Lockheed Martin Corp., Northrop Grumman, SAIC, and BAE Systems. The business park sits across from the Dahlgren Naval Surface Warfare Center and near the Patuxent Naval Air Station.
"With these acquisitions, the company continues to execute its strategy and demonstrate its ability to secure large ownership positions around major intelligence and defense demand drivers," COPT president and COO Randall M. Griffin says.
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