Corporate Office Properties Trust / OFC
Corporate Office Properties Trust develops large office park properties. Shown above is the lobby of the company headquarters, which exemplifies its developments. (Photo: Courtesy of company.)
About Corporate Office Properties Trust
6711 Columbia Gateway Dr., Suite 300, Columbia, Md. 21046
www.copt.com
| 443-285-5400
| Founded: 1988
Industry: Real Estate | Category: Top 100 Companies
The company continued its expansion last year while shedding non-core office properties in Baltimore and elsewhere. It purchased $129 million worth of operating properties, which added 1 million square feet to its portfolio. That was short of the company's goal of $300 million in acquisitions by year-end. But early this year, the company closed on a $362 million purchase of the Nottingham offices, making it the largest owner of buildings in Baltimore County. It also paid $5 million for 500 acres of the former Fort Ritchie Army base, which was closed under the government's military realignment plan.
The company ended 2006 with 16 million square feet and owns land for the development of 12 million square feet. The Nottingham acquisition added about 2 million square feet to the firm's portfolio.
The firm grew relatively fast compared with other REITs. Its stock price rose about 46 percent in 2006, and its total market capitalization reached $4.3 billion. Randall M. Griffin, who was named president and chief executive in 2005, said in a conference call with investors that he expects the company to reach a market capitalization of $5 billion this year.
The company continued to expand beyond the Washington area by building in the Colorado Springs market, which it entered in 2005. But it also disposed of non-core properties, selling eight buildings totaling 689,000 square feet for $87.4 million in New Jersey and near Baltimore-Washington International Thurgood Marshall Airport.
President and CEO: Randall M. Griffin
2007 Financial Data
Total employees: 313 | Local employees: 280Company Leadership
| Randall M. Griffin | President and CEO |
| Roger A. Waesche, Jr. | EVP and COO |
Source: Compensation data provided by Equilar, Inc..
|
Randall M. Griffin President and Chief Executive Officer |
$3,126,892 Salary: $570,000 |
Did You Know
Corporate Office Properties Trust is a real estate investment trust that owns and develops commercial office buildings. It owns more than 170 buildings, mostly in the Baltimore-Washington corridor. It leases mainly to government agencies and contractors, including Booz Allen Hamilton, Lockheed Martin and General Dynamics.
