News Published on November 1, 2021
COPT Executes Build-to-Suit Lease with Northrop Grumman at Redstone Gateway
Two-Building, 263,000 SF Campus is Scheduled for Lease Commencement in 2H 2022
HUNTSVILLE, AL — Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) executed two build-to-suit leases with Northrop Grumman Corporation (“Northrop Grumman”), one of the largest defense contractors in the U.S. and the world. COPT will invest approximately $103 million to construct a two-building campus totaling 263,000 square feet. Lease commencement dates for both buildings are expected in the second half of 2022.
“We are excited to welcome Northrop Grumman to the Redstone Gateway community,” stated Stephen E. Budorick, COPT’s President & Chief Executive Officer. “Upon completion of their two-building campus in 2022, Redstone Gateway will consist of 2.2 million square feet supporting the missions at Redstone Arsenal. Additionally, this transaction brings our development leasing for the year to 1.2 million square feet, which exceeds our goal by nearly 20%,” he added.