COPT Executes 55,000 SF Lease with Rekor Systems at 6721 Columbia Gateway
April 29 2021 - 04:30PM
Business Wire
New World Headquarters for Rapidly Growing
Roadway Intelligence Company
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 88%
of its core portfolio annualized rental revenue from Defense/IT
Locations and 12% from its Regional Office Properties. As of the
same date and including 15 buildings owned through unconsolidated
joint ventures, COPT’s core portfolio of 169 office and data center
shell properties encompassed 19.2 million square feet and was 95.2%
leased; the Company also owned one wholesale data center with a
critical load of 19.25 megawatts that was 76.9% leased.
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210429006016/en/
IR Contacts: Stephanie Krewson-Kelly 443-285-5453
stephanie.kelly@copt.com
Michelle Layne 443-285-5452 michelle.layne@copt.com
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