ANNAPOLIS JUNCTION, MD—Corporate Office Properties Trust inked some 176,000 square feet in leases for the first quarter, at least one of which allowed the REIT to begin construction on a 120,000-square foot building here.
The tenant is cybersecurity-related company and it is taking 88,500 square feet in the new building, or 75% of the space. As a result, COPT will begin construction on the project, 7880 Milestone Pkwy. The lease is for ten years and it will begin in the third quarter of 2015.
At 420 National Business Park here, the REIT also completed a five-year, 29,000 square foot lease that begins in the third quarter of this year, bringing the building to 68% occupancy, up from 48% at December 31, 2013.
In Northern Virginia, COPT signed a lease for 18,700 square feet at 3120 Fairview Park Dr., which was 50% leased at the end of 2013 and is now 60% leased. This 12-year lease begins in the third quarter of 2014.
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