Columbia-based Corporate Office Properties Trust (COPT) (NYSE: OFC), has sold several properties in the Baltimore areas of Woodlawn and White Marsh, both in Baltimore County.
Rutherford Business Center in Woodlawn was sold for $32.5 million; the flex office/industrial center consists of 13 buildings totaling 365,407 square feet. The oldest structure was built in 1972 and the remaining throughout the 80s. Rutherford is 79 percent leased to 29 tenants.
The other location, 10001 Franklin Square Drive at White Marsh Commerce Center is a large industrial warehouse that consists of 218,215 square feet. Built in 1996, building is 100 percent leased to 3 tenants. The sale price of $16.25 million includes 13.4 acres of land.
“The Rutherford and White Marsh Commerce Center sales represent significant progress toward executing our Strategic Reallocation Plan. Proceeds will be deployed into funding COPT’s construction pipeline of modern, multi-story office buildings that accommodate the more specialized needs of our super core tenant niche,” stated Randall M. Griffin, Chief Executive Officer of COPT.