Jones Lang LaSalle
Corporate Office Properties Trust Sells 57,000 Square Foot Building Within Its New Jersey Portfolio
COLUMBIA, Md.--(BUSINESS WIRE)--March 29, 2006--Corporate Office Properties Trust (NYSE:OFC) announced the sale of a 57,000 square foot office building for $9.7 million, located at 68 Culver Road in Cranbury, New Jersey, in the Exit 8A submarket. The property is located within the Princeton Technology Center, a four building complex.
"This sale represents the continuation of our Company's strategy to dispose of assets located outside of core markets and provides the opportunity to recycle capital into acquisitions and development in our higher growth markets," stated Randall M. Griffin, President and Chief Executive Officer of Corporate Office Properties Trust. "We have sold $27 million in properties year to date versus our stated annual goal of $100 million," he added.
Company Information
Corporate Office Properties Trust (COPT) is a fully integrated, self-managed real estate investment trust (REIT) that focuses on the ownership, management, leasing, acquisition and development of suburban office properties located primarily in submarkets within the Greater Washington, DC region. As of March 29, 2006, the Company owns 182 office properties totaling 14.6 million rentable square feet, which includes 19 properties totaling 963,000 square feet held through joint ventures. The Company has implemented a core customer expansion strategy that is built around meeting, through acquisitions and development, the multi-location requirements of the Company's existing strategic tenants. The Company's property management services team provides comprehensive property and asset management to company owned properties and select third party clients. The Company's development and construction services team provides a wide range of development and construction management services for company owned a wide range of development and construction management services for company owned properties, as well as land planning, design/build services, consulting, and merchant development to select third party clients. The Company's shares are traded on the New York Stock Exchange under the symbol OFC. More information on Corporate Office Properties Trust can be found on the Internet at www.copt.com.
Corporate Office Properties Trust Sells 57,000 Square Foot Building Within Its New Jersey Portfolio
COLUMBIA, Md.--(BUSINESS WIRE)--March 29, 2006--Corporate Office Properties Trust (NYSE:OFC) announced the sale of a 57,000 square foot office building for $9.7 million, located at 68 Culver Road in Cranbury, New Jersey, in the Exit 8A submarket. The property is located within the Princeton Technology Center, a four building complex.
"This sale represents the continuation of our Company's strategy to dispose of assets located outside of core markets and provides the opportunity to recycle capital into acquisitions and development in our higher growth markets," stated Randall M. Griffin, President and Chief Executive Officer of Corporate Office Properties Trust. "We have sold $27 million in properties year to date versus our stated annual goal of $100 million," he added.
Company Information
Corporate Office Properties Trust (COPT) is a fully integrated, self-managed real estate investment trust (REIT) that focuses on the ownership, management, leasing, acquisition and development of suburban office properties located primarily in submarkets within the Greater Washington, DC region. As of March 29, 2006, the Company owns 182 office properties totaling 14.6 million rentable square feet, which includes 19 properties totaling 963,000 square feet held through joint ventures. The Company has implemented a core customer expansion strategy that is built around meeting, through acquisitions and development, the multi-location requirements of the Company's existing strategic tenants. The Company's property management services team provides comprehensive property and asset management to company owned properties and select third party clients. The Company's development and construction services team provides a wide range of development and construction management services for company owned a wide range of development and construction management services for company owned properties, as well as land planning, design/build services, consulting, and merchant development to select third party clients. The Company's shares are traded on the New York Stock Exchange under the symbol OFC. More information on Corporate Office Properties Trust can be found on the Internet at www.copt.com.
posted by Jones Lang LaSalle NJ News Blog at 10:20 AM
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