Tuesday, July 1, 2008

COPT buys Northrop building

Corporate Office Properties Trust, a Maryland-based real estate company, added to its local holdings Tuesday by paying $23.2 million for the Northrop Grumman building that opened in May in the Cresterra business park at the Colorado Springs Airport.
The 124,305-square-foot building, southeast of Powers Boulevard and the Milton E. Proby Parkway, houses 400 of Northrop Grumman’s 1,150 local employees. City officials selected Corporate Office Properties Trust last year as the business park’s master developer.
The company now owns 15 office buildings in the Springs, totaling 1 million square feet. It also is building three office buildings with 232,000 square feet, developing two others with 235,000 square feet and owns 192 acres that could accommodate 2.5 million square feet of space.

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