BIRMINGHAM, Ala., May 31 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) ("Colonial Properties") announced today that it has been
selected as the developer by Northrop Grumman Corporation ("Northrop Grumman")
for its new five-building complex located off Interstate 565 in Huntsville,
Alabama's Cummings Research Park. Groundbreaking for the first building in
the $80 million project is planned for June 27.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
"We think proactively about our clients," said Bo Jackson, Executive Vice
President for Colonial Properties' Office Division. "Northrop Grumman is an
existing client, whom we approached with the concept of consolidating their
offices into a single, highly efficient, cost-efficient campus. We enjoy
partnering with forward-thinking companies such as Northrop Grumman that
realize the importance of aligning their corporate business strategies with
both their workforce and workplace."
Presently, Northrop Grumman employs about 1,200 people in more than 20
facilities, in the Huntsville area. The new headquarters facility will house
offices, laboratories and research and development centers and will
consolidate most of the current operations.
"Northrop Grumman expects more growth in the coming years," said Kyle
Collins, Senior Vice President of Colonial Properties. "We are excited that
Colonial Properties was chosen to handle this strategic move with one of
Alabama's top employers."
Northrop Grumman Corporation is a global defense company headquartered in
Los Angeles, Calif. Northrop Grumman provides technologically advanced,
innovative products, services and solutions in systems integration, defense
electronics, information technology, advanced aircraft, shipbuilding and space
technology. With more than 125,000 employees, and operations in all 50 states
and 25 countries, Northrop Grumman serves U.S. and international military,
government and commercial customers.
Colonial Properties Trust is a diversified REIT that, through its
subsidiaries, owns a portfolio of multifamily, office and retail properties
where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North
Carolina, South Carolina, Virginia, Tennessee, Texas, Arizona, Nevada and New
Mexico. Colonial Properties Trust performs development, acquisition,
management, leasing and brokerage services for its portfolio and properties
owned by third parties. The Company has a total market capitalization of
approximately $5 billion. The foundation of Colonial Properties' success is
its live, work and shop diversified investment strategy. As of April 1, 2005
the Company owned or managed 49,300 apartment units, 7.2 million square feet
of office space and 15.8 million square feet of retail shopping space.
Additional information on Colonial Properties Trust is available on the
Internet at http://www.colonialprop.com . The Company, headquartered in Birmingham,
Ala., is listed on the New York Stock Exchange under the symbol "CLP" and is
included in the S&P SmallCap 600 Index.
SOURCE Colonial Properties Trust
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Related links:
http://www.colonialprop.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Barbara M. Pooley, SVP - Investor Relations,
+1-704-376-1774, or Bo Jackson, EVP - Office Division,
+1-678-461-3303, both of Colonial Properties Trust
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