COPT Executes 55,000 SF Lease with Rekor Systems at 6721 Columbia Gateway
Corporate Office Properties Trust (NYSE: OFC) has signed a 55,000 square foot lease with Rekor Systems, Inc. for their new global headquarters at 6721 Columbia Gateway Drive. This marks a significant addition to COPT's portfolio, enhancing their appeal as a provider of office space for high-tech tenants. Rekor's rapid growth necessitated this move, with plans to occupy the space starting in early August. COPT's portfolio, focused on properties serving government and IT sectors, boasts a 95.2% lease rate across 169 properties totaling 19.2 million square feet.
- Secured a 55,000 square foot lease with Rekor Systems, enhancing the tenant roster.
- Rekor's move indicates demand for office space in the high-tech sector, which may boost occupancy rates.
- None.
Corporate Office Properties Trust (NYSE: OFC) (“COPT” or the “Company”) executed a 55,000 square foot lease with Rekor Systems, Inc. (“Rekor”), a provider of real-time roadway, customer, and public safety intelligence to enable AI-driven decisions. Rekor is the largest tenant in COPT’s recently repositioned 6721 Columbia Gateway Drive, which will serve as Rekor’s new global headquarters.
“We are thrilled to count Rekor among our expanding list of high-tech tenants and pleased we could accommodate their rapidly growing business,” said Todd Hartman, COPT’s Executive Vice President & Chief Operating Officer.
“The Rekor team has grown substantially in the last 12 months, and as COVID vaccines are allowing us to bring our team back into the office, a new global headquarters in the DC Capital Beltway region was sorely needed,” said Robert A. Berman, CEO of Rekor. “This property, which we will occupy starting in early August of this year, will serve as an Innovation Hub to our expanded engineering team along with a home for our more than 153 new and existing employees. We look forward to move in day.”
About Rekor Systems
Rekor provides real-time, customer and public safety intelligence to enable AI-driven decisions. Rekor bridges commercial and government sectors with actionable, real-time vehicle recognition data to enable informed decisions faster, and with greater outcomes. Rekor is transforming industries like Public Safety, Customer Experience, and Smart Cities in approximately 80 countries across the globe with smarter, quicker, cost-competitive vehicle recognition solutions for security, revenue discovery and recovery, public safety, electronic toll collection, brand loyalty, parking operations, logistics, and traffic management. We use the power of artificial intelligence to analyze video streams and transform them into AI-driven decisions by our clients. Our machine learning software can turn most IP cameras into highly accurate and affordable vehicle recognition devices used to help protect lives, increase brand loyalty, and enhance operations and logistics, without the need to install expensive new infrastructure. We make what was once considered impossible, possible. To learn more please visit our website: https://rekor.ai.
About COPT
COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties. The majority of its portfolio is in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (“IT”) related activities servicing what it believes are growing, durable, priority missions (“Defense/IT Locations”). The Company also owns a portfolio of office properties located in select urban/urban-like submarkets in the Greater Washington, DC/Baltimore region with durable Class-A office fundamentals and characteristics (“Regional Office Properties”). As of March 31, 2020, the Company derived
Forward-Looking Information
This press release may contain “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company’s current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although the Company believes that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements and the Company undertakes no obligation to update or supplement any forward-looking statements.
The areas of risk that may affect these expectations, estimates and projections include, but are not limited to, those risks described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Source: Corporate Office Properties Trust
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