Corporate Office Properties Trust plans to sell an additional $312 million worth of properties over the next three years under a previously announced strategy to shed non-core holdings.
The latest properties identified for sale include office buildings in Frederick and Montgomery counties, office properties and land in Colorado Springs and other office properties in the Baltimore-Washington area, the company said in an announcement Thursday. COPT, a Columbia based office developer and landlord, estimates that proceeds from the sales, after repayment of debt, will come to $241 million.
The properties bring the total assets targeted for sale to $572 million, part of COPT's effort to sell off typical suburban office complexes and focus on high-security buildings designed for government agencies and contractors.
The real estate investment trust had announced Monday that it sold land and buildings in Baltimore County business parks for nearly $49 million, including the Rutherford Business Center in Woodlawn and the White Marsh Commerce Center.