COPT Continues to Shed Non-Core Assets
Corporate Office Properties Trust CEO Roger Waesche said the company plans to sell or have under binding contract $145M in assets by year's end.
Waesche disclosed the plans during COPT’s Q3 earnings call on Monday. The company intends to sell non-core assets and use the proceeds to invest or reinvest in its core properties, GlobeSt reports. COPT has already made some headway: just last month, the company sold One Dulles Tower in Herndon, VA, to Federal Capital Partners for $84M.
The 400k SF office building is 100% leased by Booz Allen Hamilton, which will be vacating at the end of the year. Waesche noted that the sale of One Dulles Tower “was prudent capital allocation” as COPT will avoid extensive re-tenanting costs as well as $2M in annual operating expenses. In June, COPT sold a 152k SF Tysons office building to Rubenstein Partners, which is planning a reposition. [GS]
