16.06.2008 12:00:00
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Corporate Office Properties Trust Signs 131,451 Square Foot Lease at Columbia Gateway Business Park
Corporate Office Properties Trust (COPT) (NYSE:OFC) announced today the
execution of a long term lease with Integral Systems, Inc. (NASDAQ:ISYS)
for the entire five-story, Class A office building consisting of 131,451
square feet at Columbia Gateway Business Park. The building, located at
6721 Columbia Gateway Drive, in Columbia, Maryland, has an anticipated
completion date of first quarter 2009.
Integral Systems is a leading provider of satellite ground systems and
has supported more than 205 different satellite missions for
communications, science, meteorological, and earth resource
applications. Integral Systems was the first company to offer an
integrated suite of COTS (Commercial-Off-the-Shelf) software products
for satellite command and control: the EPOCH IPS (Integrated Product
Suite) product line. EPOCH IPS has become the world market leader in
commercial applications with successful installations on five continents.
This building will become the new headquarters for Integral Systems,
with an anticipated occupancy date of February 2009.
"We are extremely pleased, in this current
economic environment, to announce this major lease with a new tenant in
Columbia Gateway Business Park,” stated
Randall M. Griffin, President and Chief Executive Officer for Corporate
Office Properties Trust. "This is a result of
our strong tenant relationships with the government and defense
information technology sectors and a testament to the strength of our
team, our quality product and level of customer service. Integral is a
tenant in our Colorado Springs portfolio and we look forward to growing
with them in this new location,” he added.
Company Information
Corporate Office Properties Trust (COPT) (NYSE:OFC) is a specialty
office real estate investment trust (REIT) that focuses on strategic
customer relationships and specialized tenant requirements in the U.S.
Government, Defense Information Technology and Data sectors. The Company
acquires, develops, manages and leases properties which are typically
concentrated in large office parks primarily located adjacent to
government demand drivers and/or in growth corridors. As of March 31,
2008, the Company owned 248 office and data properties totaling 18.7 million
rentable square feet, which includes 18 properties totaling 806,000
square feet held through joint ventures. The Company’s
portfolio primarily consists of technically sophisticated buildings in
visually appealing settings that are environmentally sensitive,
sustainable and meet unique customer requirements. More information on
COPT can be found at www.copt.com.
Forward-Looking Information This press release may contain "forward-looking”
statements, as defined in Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, that are based on
the Company’s current expectations, estimates
and projections about future events and financial trends affecting the
Company. Forward-looking statements can be identified by the use
of words such as "may”,
"will”, "should”,
"expect”, "estimate”
or other comparable terminology. Forward-looking statements are
inherently subject to risks and uncertainties, many of which the Company
cannot predict with accuracy and some of which the Company might not
even anticipate. Accordingly, the Company can give no assurance
that these expectations, estimates and projections will be achieved. Future
events and actual results may differ materially from those discussed in
the forward-looking statements. Important factors that may affect these expectations, estimates, and
projections include, but are not limited to: the Company’s ability to borrow on
favorable terms; general economic and business conditions, which will, among other
things, affect office property demand and rents, tenant
creditworthiness, interest rates and financing availability; adverse changes in the real estate markets including, among other
things, increased competition with other companies; risk of real estate acquisition and development, including, among
other things, risks that development projects may not be completed on
schedule, that tenants may not take occupancy or pay rent or that
development or operating costs may be greater than anticipated; risks of investing through joint venture structures, including
risks that the Company’s joint venture
partners may not fulfill their financial obligations as investors or
may take actions that are inconsistent with the Company’s
objectives; our ability to satisfy and operate effectively under federal income
tax rules relating to real estate investment trusts and partnerships; governmental actions and initiatives; and environmental requirements. The Company undertakes no obligation to update or supplement any
forward-looking statements. For further information, please refer
to the Company’s filings with the Securities
and Exchange Commission, particularly the section entitled "Risk
Factors” in Item 1 of the Company’s
Annual Report on Form 10-K for the year ended December 31, 2007.
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