Corporate Office Properties Trust has acquired 178 acres of Annapolis Junction, Md. land for $26.6 million.
The property, known as Clarks Hundred, is located near one of Corporate Office Properties Trust’s (NYSE: OFC) key business complexes, the Business Park (NBP). Clarks Hundred will be developed into Phase III of the NBP. Phase I and II added an initial 16 buildings totaling 1.9 million sq. ft. to the project.
”The acquisition of Clarks Hundred is essential to continue the expansion of NBP and to position the company to meet demand from the upcoming BRAC [Defense Base Closure and Realignment Commission],” says Randall Griffin, president and CEO at OFC.
OFC is a REIT that focuses chiefly on suburban office properties in select Mid-Atlantic submarkets.