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DID SOMEONE SAY SEQUESTRATION?

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DID SOMEONE SAY SEQUESTRATION?
Roger Waesche
Yesterday, COPT (CEO Roger Waesche above) announced that one of its top 20 tenants (by SF) leased an additional 115k SF at 7205 Riverwood Rd and an adjacent parcel. The company would not disclose the tenant, but a quick look at COPT Q2 docs shows us the building was designed for government use, and sure enough, atop that list of COPT's tenants, there's the US government with 3.2M SF. The site's home, Rivers Corporate Park, is within 10 miles of Fort Meade. A company spokesperson says the shell of the 89k SF 7205 Riverwood was finished earlier this year but will be expanded; COPT's adjacent parcel can accommodate the overage, and the modified building will deliver by early 2014.

National Business Parkway, Annapolis Junction
Beyond Rivers Corporate Park, COPT is focusing its development at Patriot Ridge in Springfield, Va., near Fort Belvoir, which is 44% pre-leased; Redstone Gateway in Huntsville, Ala., where one office building delivered earlier this year and the shell on a flex building will finish this year; and Annapolis Junction's National Business Park, across I-295 from Fort Meade. The office park has 25 buildings totaling 3.1M SF (2% vacancy) and three under construction. Two are 86% and 48% pre-leased, and the 127k SF 420 National Business Pkwy (labeled 2, above) broke ground last quarter with no pre-leasing. COPT has capacity to develop another 2M SF at The National Business Park.