Corporate Office Properties Trust (
, a Maryland-based real estate investment trust (REIT), recently
inked a deal with an unrevealed tenant to lease total space at 7205
Riverwood Road property, located in Columbia, Maryland. The leased
space of 115,000 square feet is expected to be occupied by early
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7205 Riverwood Road includes the 86,000 square feet leased building
and an adjacent property which is a part of Rivers Corporate Park.
The leased property is currently under construction. Rivers
Corporate Park is a Howard County, Maryland-based business
community which spans around 8.7 million square feet. The
area is strategically located in close proximity to the major
facilities and transportation network of the region.
Corporate Office primarily focuses on strong leasing activity and
high tenant retention. This new lease agreement is a part of the
expansion of collaboration with the company's existing well-known
clientele. Corporate Office has a cluster of well-known tenants
such as -
Northrop Grumman Corporation (
Booz Allen Hamilton Holding Corporation (
The Boeing Company (
. In addition, the company aims to increase the annual
revenue generated by world-class tenants from 60% at the end of
2011 to around 65% by end of 2013.
Till date, including the new agreement, the company has signed new
lease agreements, spanning 162,000 square feet related to
properties under construction. Including the latest leasing
agreement, leased spaces under development increased to 41%.
Corporate Office owns, develops, manages and has ownership
interests in suburban office portfolios mainly located in Maryland,
Virginia, Colorado, Texas, Alabama, and other vibrant markets
across the U.S. The company mainly focuses on serving U.S.
Government and Defense Information Technology sectors and Data
Centers. As of June 30, 2012, Corporate Office's portfolio
comprised of 228 office properties spreading to 19.8 million square
We maintain our Neutral recommendation on Corporate Office. Also,
the company carries a Zacks #3 Rank (short-term Hold rating).