BLUE BELL, PA—Corporate Office Properties Trust is on the cusp of beginning the final stage of the redevelopment of the former Unisys campus here now called Arborcest.
Company officials say that three leases are in negotiations now and when finalized the deals would have the entire 651,300 square feet of redeveloped space, which cost $92 million to complete, fully occupied.
In 2015 the company will now look to embark on the final phase of the redevelopment project called Woodlands I, a 219,000-square-foot building. COPT intends to spend approximately $28 million to redevelop the building and is in the process of finalizing plans for the project, according to the Philadelphia Business Journal.
"We have an extraordinarily exciting design for that," says Steve Budorick, chief operating officer at COPT of Columbia, MD. The firm hasn't decided whether to press ahead on the project on speculation or wait until some lease deals have been signed.
"We have a lot of interest in the building and there's a very good possibility we will have 33% pre-leased but it's well within the realm of possibility to go speculative on that project sometime this year," Budorick says. See story in the Philadelphia Business Journal.
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