COLUMBIA, Md.--(BUSINESS WIRE)--Corporate Office Properties Trust (NYSE: OFC) sold $210.7 million of suburban office assets during the third quarter ended September 30, 2016.
The suburban office assets sold in the third quarter totaled 1.1 million square feet, for an average sale price per square foot of approximately $187, and were 92% occupied at June 30, 2016. The assets sold are summarized in the table, below.
| * As of June 30, 2016 | ||||
| ** Four operational buildings and land for future development as announced on August 4, 2016 |
During the quarter, the Company also executed a 50/50 joint venture with GI Partners on six data center shell properties (please refer to the press release dated July 21, 2016).
The Company has sold, year to date, $290.2 million of properties, or 66% of its 2016 goal of $440 million.
Company Information
COPT is an office REIT that owns, manages, develops and selectively acquires office and data center properties in locations that support United States Government agencies and their contractors, most of whom are engaged in national security, defense and information technology (“IT”) related activities servicing priority missions (“Defense/IT Locations”). COPT also owns a complementary portfolio of traditional Class-A office properties located in select urban/urban-like submarkets within its regional footprint (“Regional Office Properties”). As of June 30, 2016, COPT derived 86% of core portfolio annualized revenue from Defense/IT Locations and 14% from its Regional Office Properties. As of June 30, 2016, COPT’s core portfolio of 146 office properties encompassed 16.0 million square feet and was 93.8% leased.
