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Corporate Office Properties Trust Acquires 152,000 Square Foot Office Building for $40 Million in Tysons Corner, Virginia

^{Published on 2010-06-29 06:15:37 - Market Wire}
 

COLUMBIA, Md.--([ BUSINESS WIRE ])--Corporate Office Properties Trust (COPT) (NYSE: OFC) announced today the 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 acquisition fits within our Super Core strategy of developing and acquiring properties leased primarily to the U.S. Government, Defense IT and Data sector tenants. MITRE is a growing tenant within our portfolio and we are happy to further develop our relationship with them"

This represents COPTa™s second acquisition in Tysons Corner. The first was Pinnacle Towers, totaling approximately 450,000 square feet in 2005. The Companya™s Tysons Corner portfolio now consists of 3 buildings with about 600,000 square feet.

aThis acquisition fits within our Super Core strategy of developing and acquiring properties leased primarily to the U.S. Government, Defense IT and Data sector tenants. MITRE is a growing tenant within our portfolio and we are happy to further develop our relationship with them,a stated Randall M. Griffin, President and Chief Executive Officer of Corporate Office Properties Trust. aThis is an excellent building in a prime location that further improves the quality of our Northern Virginia portfolio,a he added.

Company Information

Corporate Office Properties Trust (COPT) (NYSE: OFC) is a specialty office real estate investment trust (REIT) that focuses on strategic customer relationships and specialized tenant requirements in the U.S. Government, Defense Information Technology and Data sectors. The Company acquires, develops, manages and leases properties which are typically concentrated in large office parks primarily located adjacent to government demand drivers and/or in growth corridors. As of March 31, 2010, the Company owned 268 office and data properties totaling 20million rentable square feet, which includes 20 properties totaling 1.1 million square feet held through joint ventures. The Companya™s portfolio primarily consists of technically sophisticated buildings in visually appealing settings that are environmentally sensitive, sustainable and meet unique customer requirements. COPT is an S&P MidCap 400 company and more information can be found at [ www.copt.com ].

Forward-Looking Information

This press release may contain aforward-lookinga statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Companya™s current expectations, estimates and projections about future events and financial trends affecting the Company.Forward-looking statements can be identified by the use of words such as amaya, awilla, ashoulda, acoulda, aexpecta, aestimatea or other comparable terminology.Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate.Accordingly, the Company can give no assurance that these expectations, estimates and projections will be achieved.Future events and actual results may differ materially from those discussed in the forward-looking statements.

Important factors that may affect these expectations, estimates, and projections include, but are not limited to:

• the Companya™s ability to borrow on favorable terms;
• general economic and business conditions, which will, among other things, affect office property demand and rents, tenant creditworthiness, interest rates and financing availability;
• adverse changes in the real estate markets including, among other things, increased competition with other companies;
• risk of real estate acquisition and development, including, among other things, risks that development projects may not be completed on schedule, that tenants may not take occupancy or pay rent or that development or operating costs may be greater than anticipated;
• risks of investing through joint venture structures, including risks that the Companya™s joint venture partners may not fulfill their financial obligations as investors or may take actions that are inconsistent with the Companya™s objectives;
• our ability to satisfy and operate effectively under federal income tax rules relating to real estate investment trusts and partnerships;
• governmental actions and initiatives; and
• environmental requirements.

The Company undertakes no obligation to update or supplement any forward-looking statements. For further information, please refer to the Companya™s filings with the Securities and Exchange Commission, particularly the section entitled aRisk Factorsa in Item 1A of the Companya™s Annual Report on Form 10-K for the year ended December 31, 2009.