COPT Defense Exceeds Development Leasing Guidance and Vacancy Leasing Target in 2023
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.
- 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.
- 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.