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Corporate Office Properties Trust Receives Energy Award for Improvements at Westfields Corporate Center

Submitted by: Corporate Office Properties Trust

Categories: Environment

Posted: Mar 20, 2003 – 11:00 PM EST

 

Northern Virginia Electric Cooperative Cites Company for Outstanding Results in Energy Conservation Program

Mar. 20 /CSRwire/ - COLUMBIA, MD - Corporate Office Properties Trust (NYSE:OFC) has been honored by the Northern Virginia Electric Cooperative (NOVEC) for efforts and achieved results to conserve energy at Washington Technology Park, a 470,000 square foot office building located in Westfields Corporate Center in Chantilly, Virginia.

NOVEC, an electric distribution system that provides energy and services to nearly 110,000 customers in the Northern Virginia area, presented its "2003 Outstanding Achievement in Energy Management Award" to the Company.

The investment in new lighting and equipment, implemented during first quarter 2002, netted nearly $300,000 in cost savings for year-end 2002, with kilowatt hour demand dropping by 10.4%. The energy conservation efforts were focused on the replacement of approximately 5,000 fluorescent light fixtures, and the installation of variable speed drives that increase overall efficiency.

The program was performed by Corporate Realty Management (CRM), the property management subsidiary of Corporate Office Properties.

The lighting improvements, in addition to reducing operating expenses, also enhanced the interior office spaces with increased light output, decreased the energy load on the HVAC system and created a modernized business environment. CRM is making plans to implement additional retrofits this year.

"We consider it our corporate responsibility to continually look for new methods to conserve energy," stated Michael D. Kaiser, President of Corporate Realty Management. "The remarkably successful program at Westfields Corporate Center benefits the tenants, our shareholders, and the residents and businesses throughout the Northern Virginia region. The Company intends to utilize this program as a model to achieve similar results throughout our office portfolio," he added.

Company Information

Corporate Office Properties Trust is a fully-integrated, self-managed real estate investment trust which focuses on the ownership, management, leasing, acquisition and development of suburban office properties located in select Mid-Atlantic submarkets. The Company currently owns 111 office properties totaling 9.1 million rentable square feet.

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. The Company's shares are traded on the New York Stock Exchange under the symbol OFC.

More information on Corporate Office Properties Trust can be found on the Internet at www.copt.com.

Forward-Looking Information

This press release contains forward-looking information based upon the Company's current best judgment 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.

For more information, please contact:

Mary Ellen Fowler Corporate Office Properties Trust, Columbia
Phone: +1-410-992-7324

 

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