COLUMBIA, MD. — Corporate Office Properties Trust (COPT) (NYSE: OFC), a specialty office real estate investment trust (REIT) has elected Roger A. Waesche, Jr., COPT’s president and COO, to become CEO and as a member of the Board of Trustees, effective April 1, 2012. Randall M. Griffin will retire from his role as CEO at the end of March 2012. Over the next 6 months, Griffin will transition responsibilities to Waesche, while maintaining his executive responsibilities for fiscal year 2011.
“Roger and I have worked together since 1993,” said Griffin. “During those years, he has served COPT effectively in a number of influential roles. I am confident that COPT will flourish under his guidance and leadership.”
Beginning April 1, 2012, Mr. Griffin will continue as a trustee on COPT’s Board and Mr. Waesche will serve as trustee, president and CEO. Effective September 29, 2011, Stephen E. Budorick will join COPT as executive vice president and COO, reporting to Waesche, allowing for an effective transition of the COO responsibilities prior to April 2012.
Waesche has been with COPT and its predecessor companies since 1984, serving as COPT’s president and COO since September 2010, after holding the positions of executive vice president and COO since August 2006, and as COPT’s CFO from 1999 to 2006.
“I am looking forward to taking on the additional responsibilities that accompany the CEO role and, in the meantime, working closely with Rand and the Board to assure a smooth transition,” said Waesche. “I am confident that the talented team of managers and associates at COPT will successfully execute the strategic initiatives already announced and take other actions to enhance our market leadership position.”
As COO, Budorick will be responsible for leasing, asset management, property management, and government services. He formerly served as executive vice president of asset management for Callahan Capital Partners, LLC, a role he held since 2006. Immediately prior to his tenure at Callahan Capital Partners, he was executive vice president in charge of Trizec Properties, Inc.’s Central Region from 1997 to 2006.
“We are delighted to have Steve join the company,” stated Waesche. “He brings a depth of industry and operations experience that mesh with COPT’s high standards and expectations.”
In addition to announcing the leadership changes, on Friday, COPT’s operating partnership, Corporate Office Properties, L.P. completed its offer to repurchase up to $162.5 million aggregate principal amount of the 3.50 percent Exchangeable Senior Notes due 2026 of the Operating Partnership. One hundred percent of the holders surrendered their Notes for purchase by the Operating Partnership. The Put Option entitled each holder of the Notes to require the Operating Partnership to purchase all or any part of such holder's Notes at a purchase price equal to 100 percent of the principal amount of the Notes, plus any accrued and unpaid interest thereon up to, but not including, the date of repurchase.
As of June 30, 2011, COPT owned 269 office properties totaling 21.4 million rentable square feet, which includes 20 properties totaling 1.1 million square feet held through joint ventures.
— Dan Marcec