COPT Defense Acquires 202,000 Square Foot Building in Columbia, MD
25 Abril 2024 - 3:17PM
Business Wire
COPT Defense Properties (NYSE: CDP) (“COPT Defense” or the
“Company”) announced the acquisition of a 202,000 square foot Class
A building, located in Columbia Gateway at 6841 Benjamin Franklin
Drive in Columbia, Maryland, for $15 million. The 7-story LEED Gold
Certified building was constructed in 2008 and is 56% leased to a
leading defense contractor.
Stephen E. Budorick, COPT Defense’s President & Chief
Executive Officer, commented “This acquisition solidifies our
position as the dominant owner in Columbia Gateway, enhances our
relationship with a top 10 U.S. defense contractor, adds 202,000
square feet of modern, well-amenitized space to our 2.3 million
square foot Columbia Gateway campus, and was purchased at a
significant discount to replacement cost for comparable new
product. Our Fort Meade/BW Corridor segment was 96.5% leased at
quarter-end and this acquisition is an excellent opportunity to
acquire high quality inventory, and leverage our Defense/IT
franchise and strong demand from Defense Contractors, to create
significant shareholder value.
With this acquisition, we now control approximately 45% of the
square footage in Columbia Gateway, and 80% of the square footage
leased to defense/cyber companies and the U.S. Government in
Columbia Gateway. Our scale provides a unique competitive advantage
to encapsulate demand, especially among the small to mid-size
defense contractors, which is a crucial and growing segment of the
Department of Defense contractor ecosystem.”
About COPT Defense
COPT Defense, an S&P MidCap 400 Company, is a self-managed
REIT focused on owning, operating and developing properties in
locations proximate to, or sometimes containing, key U.S.
Government (“USG”) defense installations and missions (referred to
as its Defense/IT Portfolio). The Company’s tenants include the USG
and their defense contractors, who are primarily engaged in
priority national security activities, and who generally require
mission-critical and high security property enhancements. As of
March 31, 2024, the Company’s Defense/IT Portfolio of 193
properties, including 24 owned through unconsolidated joint
ventures, encompassed 22.0 million square feet and was 96.8%
leased.
Forward-Looking
Information
This press release may contain “forward-looking” 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
Company’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 “may,” “will,” “should,” “could,” “believe,” “anticipate,”
“expect,” “estimate,” “plan” 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.
Although the Company believes that the expectations, estimates and
projections reflected in such forward-looking statements are based
on reasonable assumptions at the time made, 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 and the
Company undertakes no obligation to update or supplement any
forward-looking statements.
The areas of risk that may affect these expectations, estimates
and projections include, but are not limited to, those risks
described in Item 1A of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2023.
Source: COPT Defense Properties
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version on businesswire.com: https://www.businesswire.com/news/home/20240425071616/en/
IR Contacts: Venkat Kommineni, CFA 443.285.5587
venkat.kommineni@copt.com Michelle Layne 443.285.5452
michelle.layne@copt.com
COPT Defense Properties (NYSE:CDP)
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