In general, many firms are positioning themselves now--either through new hires or a financial war chest saved for the occasion--to buy assets now that pricing is coming off of its 2006 highs. Randall Griffin, president and CEO of COPT alluded to these potential opportunities in a prepared statement regarding Norjen's arrival. "John's extensive commercial real estate experience and knowledge will prove most valuable as new opportunities evolve for COPT as a result of the turbulent economic environment," he says.
For the most part, the company has been working to shore up its tenant base this year, inking deals in both the private sector--such as the 219,000 sf sublease with Merck Inc. on the Unisys Campus in Blue Bell, PA--and its strong public sector base. An example of this would be the 123,000-sf lease inked at M Square Research Park in College Park, reportedly by the US military's Intelligence Advanced Research Projects Activity, or IARPA. A 20-year industry veteran, Norjen has worked for Jones Lang LaSalle, CB Richard Ellis and Eastdil Secured.
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