Corporate Office Properties Trust acquires offices buildings in D.C. for $119 million
- September 29, 2010
In its second large acquisition in a month, Corporate Office Properties Trust bought a two-building office project in Washington, D.C., for $119 million. The purchase of 363,000 square feet at Maritime Plaza I and II allows the real estate investment trust enters a new submarket in Washington in the Capitol Riverfront area.
The buy follows another purchase this month when the Columbia, Md.-based company paid $115 million for a data center in Manassas. In June, the company bought a Class A office building at Tysons Corner for $40 million.
At Maritime Plaza, both buildings are 100 percent leased, the company said in a statement. They are adjacent to I-295 and the Washington Navy Yard, which has undergone a major expansion in employees under the Base Realignment and Closure (BRAC) process.
“This acquisition and expansion into a key submarket of Washington, D.C., fits well within … our strategy of developing and acquiring properties leased primarily to the U.S. government, defense IT and data sector tenants as well as locating adjacent to government demand drivers,” Randall Griffin, the company’s CEO said in a statement.
Maritime I and II are part of planned five-building, mixed-use project known as Maritime Plaza.