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COPT Defense Properties (NYSE:CDP) ("COPT Defense" or the "Company") executed a long-term lease with a Fortune 100 company for a 225,000 square foot, build-to-suit development in Northern Virginia in the fourth quarter of 2023. The facility is scheduled for shell completion in the fourth quarter of 2025. Also in the quarter, the Company executed a 26,500 square foot lease with a leading defense contractor at the 8100 Rideout Road development in Huntsville, Alabama, bringing the property to 42% leased and further strengthening the Company's relationship with a top 10 tenant.
In 2023, COPT Defense executed 747,000 square feet of development leasing, which exceeded the midpoint of 2023 guidance of 700,000 square feet.
COPT Defense also completed 452,000 square feet of vacancy leasing during 2023, with a weighted-average lease term of over 9 years, which exceeded the target of 400,000 square feet and included 361,000 square feet of leasing in the Defense/IT Portfolio. The Company completed 115,000 square feet of vacancy leasing in the fourth quarter of 2023, which included 50,000 square feet of leasing in the Defense/IT Portfolio.
"We are pleased to announce that we have exceeded our expectations in terms of both development and vacancy leasing," said Britt Snider, Executive Vice President and Chief Operating Officer. "The strength of our leasing team, coupled with the unique and strategic nature of our portfolio, allowed us to exceed our leasing targets despite an otherwise challenging leasing environment."
Posted In: CDP
