Corporate Office Properties Trust sold $53 million of suburban assets in Northern Virginia.
In mid-January, COPT sold 5.3 acres of land for $14 million and, last week, completed the sale of 3120 Fairview Park Drive in the Merrifield submarket of Falls Church, Virginia, for $39 million. The 190,500-square-foot building was 87% occupied at December 31, 2016.
The REIT has an additional $10 million of asset sales under contract and $37-$47 million in contract negotiations, all of which are expected to close during 2017.
COPT is an office REIT that owns, manages, develops and selectively acquires office and data center properties in locations that support United States Government agencies and their contractors, most of whom are engaged in national security, defense and information technology related activities servicing priority missions. The company also owns a portfolio of Class-A office properties located in select urban/urban-like submarkets.