Corporate Office Properties Trust sells $53 million of Northern Virginia assets

Published February 22, 2017 by Paula C. Squires

Corporate Office Properties Trust (COPT) said Wednesday that it recently sold $53 million of suburban assets in Northern Virginia.

In mid-January, the Columbia, Md.-based real estate investment trust sold 5.3 acres of land for $14 million. Last week, it completed the sale of 3120 Fairview Park Drive in the Merrifield submarket of Falls Church for $39 million. According to COPT, the 190,500-square-foot building was 87 percent occupied at the end of 2016.

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

COPT is an office REIT that owns, manages, develops and acquires office and data center properties in locations that support U.S. government agencies and their contractors, most of whom are engaged in national security, defense and information technology related activities servicing priority missions. The firm also owns a portfolio of Class-A office properties.