C
orporate Office Properties Trust has strengthened its presence in San Antonio's Westover Hills area with the acquisition of an 80,000-square-foot office building at 3900 Rogers Road. The Maryland-based REIT purchased the property from a partnership associated with Trans American Research and Development Corporation of Virginia for an undisclosed price. The two-story building was listed earlier this year for $21 million, or approximately $261 per square foot.

    The seller had invested in significant upgrades to the nearly 9-acre property, including interior renovations, landscaping enhancements, and the addition of a perimeter security fence. Aetna previously occupied the building but relocated in 2022. This acquisition adds to Corporate Office Properties Trust's portfolio in San Antonio, which includes defense-oriented properties leased to the National Security Agency and an Amazon data center.

    While the company has not disclosed its plans for the Rogers Road property, it is situated among other large office buildings on the market, including a nearby 198,000-square-foot building previously occupied by Kohl's. Despite some optimism regarding rent growth, San Antonio's office market has faced challenges, with vacancies reaching their highest level since 2013 and a trend of downtown tenants moving to more modern North Side buildings, often reducing their square footage.