Titan to lease new Arundel office building

Columbia REIT to build $26 million structure

April 02, 2003|By Meredith Cohn | Meredith Cohn,SUN STAFF

Titan Corp., which provides information and communications systems to U.S. intelligence agencies, will expand its presence among other government contractors in Anne Arundel County's National Business Park, the company said yesterday.

The San Diego company agreed to lease all of a $26 million, 157,000-square-foot building that is to be constructed by Corporate Office Properties Trust, the park's developer. The project is scheduled to break ground in the second quarter and open in another year.

Titan already leases 44,000 square feet in another building in the park and has several other offices in the Washington area.

Last year, the company was awarded a seven-year, $533 million contract with the nearby National Security Agency and needs more space, a Titan spokesman said. The building will be able to accommodate about 600 workers, some of them new and some of them from other offices.

"This puts us close to our customer," said Ralph Williams, the spokesman for Titan.

The park has 10 other buildings leased to defense and government contractors, according to Corporate Office Properties. Another 119,000-square-foot building under construction has no tenants.

Roger A. Waesche Jr., Corporate Office Properties' chief financial officer, said the defense contractors have benefited the company at a time when real estate leasing is flat.

The real estate investment trust was planning to develop the new building as a speculative project - without committed tenants - when Titan and its brokers at Insignia/ESG stepped forward and said they wanted the property at 2720 Technology Drive.

"Given the demographics of this business park, where 95 percent of the tenants are defense oriented, we thought this would be the case," Waesche said about its appeal to government contractors.

The Titan building will complete the 12-building, 1.5 million-square-foot first phase of the park. There is no date set for a second phase with up to 1.3 million square feet of space in about 10 buildings.

The Columbia REIT is one of the largest owners of office buildings in the Baltimore-Washington corridor.

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