COPT has been viewed as positioning itself for such a deal, or possibly string of such deals, with its common stock offerings last year and its hire of a new managing director of investments.
The Canton Crossing acquisition also holds potential development opportunities for the REIT as well. The waterfront lots are approved for 500,000 square feet of office, 150,000 square feet of retail, a 450 room hotel and a marina. The office tower is 91% leased with CareFirst, the largest tenant, occupying 34% of the space.
"We are pleased to add this acquisition to our portfolio," Randall M. Griffin, president and CEO, says in a prepared statement. "These are excellent, high quality assets that COPT has acquired at a fair price with additional upside resulting from the potential for future development."
Canton Crossing has been viewed as a star in Baltimore's inventory of office and mixed-use product with the tower considered the centerpiece of the 67-acre project. In 2006, project developer Edwin Hale Sr. of Hale Properties closed on construction financing of $84 million for the tower's development, according to a GlobeSt.com report at the time.
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