MITRE is the first tenant to take space at 300 Sentinel Dr., according to Randall M. Griffin, president and CEO of COPT. To be called 300 NBP, it is a seven-story, 188,000-square-foot office and the fourth structure to go into development in Phase II of the National Business Park. The building is expected to deliver in Q2 of 2009. The 2.4- million-square-foot National Business Park consists of 19 office buildings, which are 98% leased in total.
Despite the credit market woes, which have slammed a number of REITs, COPT is unusually well-positioned--not only to ride out the current troubles, but also to take advantage of them to expand. Speaking at yesterday's RealShare Northern Virginia, John Norjen, managing director of investments for COPT, told the audience that the company has a line of credit and raised more than $140 million in a security offering. This cash will be used for tenants seeking additional build outs in response to BRAC and other trends.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.