Honolulu resident Jay Shidler has informed Corporate Office Properties Trust that he will be redeeming 1.6 million partnership units for shares in the publicly traded company, which he will sell and use the proceeds for charitable giving.

Shidler serves as chairman of the Columbia, Md.-based real estate investment trust that owns suburban office properties. Corporate Office Properties said Shidler is redeeming less than 50 percent of his partnership interests in the operating partnership.

Shidler, who has pledged more than $30 million of donations at the University of Hawai'i at Manoa business college, said his potential sale of common shares shouldn't be construed as a lack of confidence in Corporate Office Properties and that he remains an active board member and supporter of the business.

Shares of Corporate Office Properties Trust closed down $1.22 at $22.06 yesterday on the New York Stock Exchange.