COPT Defense Properties announced a 132,000‑square‑foot build‑to‑suit lease in San Antonio, Texas, with an unnamed Fortune 100 tenant. The lease will be constructed as a high‑security facility designed to meet the tenant’s stringent defense‑related requirements.
The project carries an $88 million capital commitment, bringing CDP’s total capital invested in new 2025 projects to $277 million—$2 million above the upper end of the company’s guidance range of $225 to $275 million. The excess commitment reflects strong demand for mission‑critical real‑estate and a robust pipeline of similar projects in high‑demand markets.
CDP’s portfolio was 97.0 % leased as of September 30 2025, underscoring the company’s ability to secure long‑term, high‑security tenants near key U.S. defense installations. The San Antonio lease adds to that footprint and reinforces the firm’s strategy of focusing on high‑barrier, high‑demand markets.
Construction is slated to begin in the third quarter of 2026, with the tenant expected to move into the new facility in the fourth quarter of 2027. The timing of the lease aligns with CDP’s broader leasing momentum and supports its forecasted cash‑flow profile for the coming years.
The announcement is consistent with CDP’s track record of exceeding its investment guidance and securing large, high‑security leases, further strengthening its competitive position in the defense‑real‑estate niche.
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