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COPT Office Portfolio Loan Goes into Special Servicing

April 10, 2013
A $146.5 million Corporate Office Properties Trust portfolio securitized in CMBS GCCFC 2007-GG9 was moved into special servicing this past month, according to Fitch Ratings.

Based in Columbia, MD, Corporate Office Properties Trust (NYSE:OFC) is an office REIT that owns 208 operating properties primarily concentrated in business parks near Washington, DC. As a result of the recent downturn as well as government contractions, the company announced in April 2011 that it was disposing of assets to focus on its core constituents - U.S. Government tenants and tenants within the Defense Information Technology industries, according to a report from Nomura Securities. Over the past two years, the firm has continued to prune its portfolio of assets, reducing its holdings by 44 operating properties since the end of 2010.

The portfolio transferred to special servicer LNR Partners comprises 14 office buildings totaling more than 1 million square feet, with five properties in Colorado Springs and the remainder in the Airport Square business park, near the Baltimore-Washington International airport.

In its latest earnings announcement, COPT stated that it plans to sell all of its Colorado Springs assets not included in this portfolio.

The loan on the portfolio carries a 5.43% interest rate and matures in December 2016. As of year-end 2012, the portfolio was 77% occupied and produced net operating income of $10.22 million, according to the most recent month CMBS report. The portfolio was valued at $183.35 million when contributed to the CMBS in 2007.

  • Address, City, State, Size (SqFt)

  • 5775 Mark Dabling Blvd., Colorado Springs, CO, 109,678

  • 5725 Mark Dabling Blvd., Colorado Springs, CO, 108,976

  • 5755 Mark Dabling Blvd., Colorado Springs, CO, 105,895

  • 1199 Winterson Road, Linthicum, MD, 96,636

  • 881 Elkridge Landing Road, Linthicum, MD, 73,572

  • 1099 Winterson Road, Linthicum, MD, 71,076

  • 1190 Winterson Road, Linthicum, MD, 69,072

  • 849 International Drive, Linthicum, MD, 68,802

  • 999 Corporate Blvd., Linthicum, MD, 67,455

  • 930 International Drive, Linthicum, MD, 57,409

  • 800 International Drive, Linthicum, MD, 57,379

  • 900 International Drive, Linthicum, MD, 57,140

  • 1915 AeroTech Drive, Colorado Springs, CO, 37,946

  • 1925 AeroTech Drive, Colorado Springs, CO, 37,946

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1st Service Solutions: Top 10 Things You Didn’t Know About Restructuring CMBS.

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