COPT sells two office buildings in Rockville for $48.7 million

Columbia-based real estate investment trust is selling non-core assets

May 07, 2012|By Lorraine Mirabella, The Baltimore Sun

Corporate Office Properties Trust said Monday that it had sold two office buildings and land in Rockville for about $48.7 million, part of the Columbia-based real estate investment trust's strategy of selling off non-core assets.

COPT, which develops, owns and manages office buildings primarily for government agencies and contractors in the defense information sector, has sold $116.9 million worth of properties and land since the beginning of the year.

Since last April, the company has been selling suburban office buildings to focus on high-security offices for defense tenants. It has sold a total of $193.5 million worth of properties and adjacent land, realizing net proceeds of $179.3 million.

The Montgomery County buildings, known as the Rockville Corporate Center, totaled 222,000 square feet and were fully leased, COPT said.

COPT owns 231 office properties totaling 20.2 million rentable square feet.

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