COLUMBIA, Md.--(BUSINESS WIRE)--Corporate Office Properties Trust (NYSE: OFC) recently sold $53 million of suburban assets in Northern Virginia. In mid-January, the Company sold 5.3 acres of land for $14 million and, last week, completed the sale of 3120 Fairview Park Drive in the Merrifield submarket of Falls Church, Virginia, for $39 million. The approximate 190,500 square foot building was 87% occupied at December 31, 2016.

The Company has an additional $10 million of asset sales under contract and $37-$47 million in contract negotiations, all of which are expected to close during 2017.

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 related activities servicing priority missions (“Defense/IT Locations”). We also own a portfolio of Class-A office properties located in select urban/urban-like submarkets within our regional footprint (“Regional Office Properties”). As of December 31, 2016, we derived 87% of core portfolio annualized revenue from Defense/IT Locations and 13% from our Regional Office Properties. As of December 31, 2016, our core portfolio of 152 office properties encompassed 16.3 million square feet and was 94.4% leased.