Corporate Office Properties Trust Acquires Two Buildings Near BWI Airport.

Business Editors

COLUMBIA, Md.--(BUSINESS WIRE)--August 8, 2001

Company Now Owns 23 Buildings, Totaling Nearly 1.6 Million Square Feet

in Airport Square Business Community

Corporate Office Properties Trust (NYSE:OFC) announced today the acquisition of two

The investment includes a four-story, 91,534 square foot office building, which is 100% leased to a single tenant on a long-term lease, and an adjacent 5,627 square foot building leased as a full-service fitness center.

The company now owns and manages 23 office buildings in the Airport Square business community, totaling nearly 1.6 million square feet of space, representing nearly 90% of the park. Corporate Office Properties Trust owns 60 buildings totaling more than 4.5 million square feet of office space in the Baltimore/Washington corridor.

"In acquiring these 100% leased buildings at an 11% capitalization rate, we continue to demonstrate our ability to complete opportunistic and secure investments that contribute to our earnings," explained Randall M. Griffin, President and Chief Operating Officer for Corporate Office Properties Trust. "These two buildings further strengthen our position as the dominant owner of Class A office space in the Baltimore/Washington corridor," he added.

Company Information

Corporate Office Properties Trust is a fully-integrated, self-managed real estate investment trust, which focuses on the ownership, development, management and acquisition of suburban office properties located in targeted suburban submarkets in the Mid-Atlantic. The Company presently owns 92 office properties totaling 7.1 million square feet of space.

Corporate Development Services, the Company's development company, provides a wide range of development and construction management services. In addition, Corporate Office Services provides land planning, design/build services, consulting and merchant development to third-party entities. For more information, visit Corporate Office Properties' website at http://www.copt.com.

Forward-Looking Information

This press release contains forward-looking information based upon the Company's current best judgement and expectations. Actual results could vary from those presented herein.

The risks and uncertainties associated with the forward-looking information include the strength of the commercial office real estate market in which the Company operates, competitive market conditions, general economic growth, interest rates and capital market conditions. For further information, please refer to the Company's filings with the Securities and Exchange Commission.