BETHESDA, Md., Feb. 21, 2017 /PRNewswire/ -- First Potomac
Realty Trust (NYSE: FPO), a leader in the ownership, management,
development and redevelopment of office and business park
properties in the greater Washington
D.C. region, today announced the sale of Plaza 500 to the
Matan Companies for gross proceeds of $75
million. The 502,830 square foot industrial property
in Alexandria, Virginia was 90.5%
leased and occupied as of September
30, 2016. In addition, First Potomac completed the
sale of One Fair Oaks for gross
proceeds of $13.7 million on
January 9, 2017. CACI
International fully occupied the 214,214 square foot office
building in Fairfax, Virginia
through December 31,
2016.
With the sales of both Plaza 500 and One
Fair Oaks completed, First Potomac has now sold
approximately $295 million of
non-core assets towards its stated goal of $350 million. Proceeds from the sales of
both assets were utilized to repay outstanding debt in accordance
with the Company's Strategic Plan.
"The dispositions of Plaza 500 and One
Fair Oaks move us significantly closer to accomplishing the
first phase of our Strategic Plan," stated Robert Milkovich, Chief Executive Officer of
First Potomac Realty Trust. "With almost $300 million of our stated $350 million goal of non-core dispositions
completed, and the majority of the proceeds from those sales
utilized to retire our Series A Preferred Shares and repay
additional debt, we have made great progress in de-risking our
portfolio, de-levering our balance sheet and maximizing asset
values."
About First Potomac Realty Trust
First Potomac Realty
Trust is a self-administered, self-managed real estate investment
trust that focuses on owning, operating, developing and
redeveloping office and business park properties in the greater
Washington, D.C. region. FPO
common shares (NYSE: FPO) are publicly traded on the New York Stock
Exchange. As of September 30,
2016, our consolidated portfolio totaled 6.7 million square
feet. Based on annualized cash basis rent, our portfolio consists
of 65% office properties and 35% business park and industrial
properties. A key element of First Potomac's overarching strategy
is its dedication to sustainability. Over one million square feet
of First Potomac property is LEED Certified and over half of the
portfolio's multi-story office square footage is LEED or Energy
Star Certified.
Media Contact:
Randy Haugh
(240) 223-1743
rhaugh@first-potomac.com
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SOURCE First Potomac Realty Trust