OFC - COPT executes build-to-suit lease with Northrop Grumman and lease with U.S. Government

Corporate Office Properties Trust (NYSE:OFC) executed two build-to-suit leases with Northrop Grumman wherein it will invest ~$103M to construct a two-building campus. Lease commencement dates for both buildings are expected in 2H22. The transaction brings the company's development leasing for the year to 1.2M sq. feet, which exceeds its goal by ~20%. Separately, the company executed a lease with the U.S. Government for 67.8K sq. feet at 310 Sentinel Way; with this transaction, 310 NBP is now 65% leased.

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COPT executes build-to-suit lease with Northrop Grumman and lease with U.S. Government