COPT Recent Acquisitions
June 2010
Acquisition of a Class A office building containing approximately 152,000 square feet known as the Rappahannock Building in Tysons Corner, Virginia for $40 million. The six-story office building is 100% leased to The MITRE Corporation. The Rappahannock Building is located at 1550 Westbranch Drive in the Tysons Corner submarket of Virginia and is near I-495 and the Dulles Toll Road.
This represents COPT's second acquisition in Tysons Corner. The first was Pinnacle Towers, totaling approximately 450,000 square feet in 2005. The Company's Tysons Corner portfolio now consists of 3 buildings with about 600,000 square feet.
October 2009
Acquisition of Canton Crossing Tower, a 474,000 square foot, 17-story office tower, plus a parking lot, a utility distribution center, four waterfront lots and riparian rights, all part of the Canton Crossing planned unit development in Baltimore, Maryland. 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 as the largest tenant at 34%.
October 2009
Acquisition of five-story, Class A office building at 1550 W. Nursery Road in Airport Square which totals approximately 156,000 square feet. The building is fully leased to Northrop Grumman. It is registered in the LEED program and is seeking Silver certification. COPT acquired the building from receivership for $38 million.
June 2009
Acquisition of 60,700 square foot, three-story Class A office building at 12515 Academy Ridge Road in Colorado Springs and approximately ten acres of adjoining land. The building is fully leased to RT Logic, a subsidiary of Integral Systems, Inc..
January 2007
Acquisition of 56 operating properties containing 2,352,000 square feet and 187 acres of land at a cost of $363.9 million, including approximately $1.4 million in transaction costs, all located in Maryland.
The buildings are located in the submarkets of White Marsh, Columbia, BWI Airport, Towson and Hunt Valley. The 187 acres of entitled land can support a minimum of two million square feet of office development. The total price was funded through $182.4 million in debt assumption and cash, with the seller receiving $154.9 million in the form of common shares issued at a deemed value of $49.00 per share and $26.6 million in Series K convertible preferred shares with a fixed coupon of 5.6%.
October 2006
Acquisition of approximately 500 acres of the 591 acre former Fort Ritchie United States Army post located in Cascade, Washington County, Maryland. (The balance of the property closed in November 2007). The purchase price was $5.0 million, adjusted pro rata for the property holdback.
COPT's proposed development plan includes 67 acres of historic area, 24 acres of lakes, 20 acres of community use, 79 acres of business development, 135 acres of residential development and 257 acres of woodland area. The Company plans to develop 1.7 million square feet of office space on the site and 673 residential units including a mix of apartments, condominiums, townhomes and single family units.
July 2006
Acquisition of a 611,379 square foot office building known as the Renaissance at Columbia Gateway for $78.0 million. The building is located at 7125 Columbia Gateway Drive in the Columbia Gateway Business Community in Columbia, Maryland. The building is comprised of 319,330 square feet of Class A office space on three floors and 292,049 square feet of warehouse space.
Acquisition of 178 acres of land known as Clarks Hundred for $26.6 million. The parcel of land is located adjacent to one of COPT's core business parks, The National Business Park (NBP), in Annapolis Junction, Maryland. NBP is a premiere business park containing 285 acres and is bordered by the Baltimore-Washington Parkway, with direct access to Fort Meade. The purchase was funded by $19.3 million in cash and the balance with the issuance of common units in our operating partnership.
May 2006
Acquisition of three Class "A" office buildings containing a total of 324,549 square feet for a purchase price of $43.6 million. The office buildings are located at 5725, 5755 and 5775 Mark Dabling Boulevard in the north Interstate 25 submarket of Colorado Springs, south of the Company's existing properties in the InterQuest Office Park.
January 2006
Acquisition of 9965 Federal Drive, a 60,000 square foot office/lab building located on an 11-acre parcel within InterQuest Office Park along I-25 in the northeast submarket of Colorado Springs. The vacant property was purchased for $2.6 million. The Company invested close to another $3 million dollars to renovate and lease the building as office space. It is now 100% leased. The site can support an additional 20,000 to 30,000 square feet of office development. The building is adjacent to the 132-acre land parcel in which the Company purchased a 50% interest during September 2005 (now wholly owned), as well as two office buildings (InterQuest 3 and 4) purchased by the Company in December 2005.
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