Corporate Office Properties Trust (COPT) (NYSE: OFC), announces it executed leases for over one million square feet during the second quarter of 2013. Of the total, nearly 600,000 square feet were new leases, including over 460,000 square feet of new leases for properties under construction before or during the second quarter of 2013. As a result, the Company’s construction pipeline, which was 62% pre-leased at March 31, 2013, was 74% leased at June 30, 2013.
Included in the development leasing total were leases with two strategic tenants for approximately 395,000 square feet in buildings currently under construction in Northern Virginia. Both buildings are now 100% leased, with anticipated move-in dates during the first quarter of 2014 and the first half of 2015.
|For the Quarter ended June 30, 2013||Leased|
|Development and Redevelopment Space||461,000|
|Other New Leases||133,000|
|Total New Leases||594,000|
|Total square feet of office leasing in 2Q13||1,045,000|
“We are pleased to see development leasing outpacing our forecast for the year,” stated Roger A. Waesche, Jr., President & Chief Executive Officer of COPT. “We believe that four consecutive quarters of better than expected demand for new development space illustrates how some of our strategic customers are regaining the confidence to make longer term space commitments,” he stated.