Corporate Office Properties Trust has executed a long-term lease with a tenant for two spaces comprising nearly 150,000 square feet at its Arborcrest office park, a five building complex located in the Plymouth Meeting/Blue Bell submarket of Philadelphia, Pennsylvania. The first space comprises 38,000 square feet in 721 Arbor Way (Hillcrest II), a 183,400 square foot building that COPT began redeveloping in 2012 and which is now 86% leased. This portion of the lease commences in the second quarter of 2014.

The remaining 112,000 square feet has been leased in the to-be-redeveloped 731 Arbor Way (Hillcrest III). This adjoining 141,000 square foot building is 79% leased as a result of this lease commitment. The company will begin redeveloping Hillcrest III in the first quarter of 2014, with an anticipated completion date in the first quarter of 2015.

As a result of this transaction, the four redeveloped buildings at Arborcrest contain approximately 656,000 square feet and are 85% leased in total.