{"id":1004099918,"date":"2014-07-03T20:46:45","date_gmt":"2014-07-04T04:46:45","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=273199"},"modified":"2020-05-21T23:51:25","modified_gmt":"2020-05-22T07:51:25","slug":"first-potomac-realty-trust-improves-d-c-area-office-business-park-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/first-potomac-realty-trust-improves-d-c-area-office-business-park-portfolio\/","title":{"rendered":"First Potomac Realty Trust Improves D.C.-Area Office, Business Park Portfolio"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/md_f3aa_wiehle.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-273200\" title=\"md_f3aa_wiehle\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/md_f3aa_wiehle.jpg\" alt=\"\" width=\"300\" height=\"224\" \/><\/a>First Potomac Realty Trust is improving its portfolio of office and business park properties in the greater Washington, D.C., region. The real estate investment trust recently paid $41 million for a Class A office building in Reston, while selling its corporate campus in Ashburn for the same sum in a separate transaction.<\/p>\n<p style=\"text-align: justify;\">The five-story Class A office building at 1775 Wiehle Ave. was completed in 2001. It has 130,048 square feet of space and is located just two blocks from the Wiehle-Reston East Silver Line Metro station, expected to open this month. According to First Potomac, the property was fully leased at the time of the sale.<\/p>\n<p style=\"text-align: justify;\">According to <em><a href=\"https:\/\/www.propertyshark.com\/\" rel=\"nofollow\" >PropertyShark<\/a><\/em>, the building\u2019s previous owner was Normandy Real Estate Partners. The Morristown, N.J.-based real estate firm purchased the property in 2006 for $35.7 million. PropertyShark lists the office building\u2019s current market value at $24.5 million.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/md_6904_Job-Photos-91907-327.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-273201\" title=\"md_6904_Job-Photos-91907-327\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/md_6904_Job-Photos-91907-327.jpg\" alt=\"\" width=\"300\" height=\"199\" \/><\/a>The $41 million sale of the Corporate Campus at Ashburn Center represents  a significant return on investment for First Potomac. It purchased the 194,184-square-foot, single-story business park in 2009; it paid $14.7  million in an off-market transaction. The company invested an additional $5 million in the property and managed to raise its occupancy from 45 percent at the time of the acquisition to 100 percent at the time of the sale.<\/p>\n<p style=\"text-align: justify;\">&#8220;With this capital recycling transaction, we are trading from a single-story business park in a less desirable location to a high-quality office asset located near a Metro station,&#8221; said Nicholas Smith, chief investment officer of First Potomac, in a news release. &#8220;The acquisition of 1775 Wiehle Ave. further strengthens our portfolio with a stable, cash-flowing asset in a strong submarket where we see future growth potential, and continues our strategic transformation into an office-focused company in the greater Washington region.&#8221;<\/p>\n<p style=\"text-align: justify;\"><em>Photo credit: <a href=\"https:\/\/www.first-potomac.com\" rel=\"nofollow\" >www.first-potomac.com<\/a><br \/>\n<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>First Potomac Realty Trust is improving its portfolio of office and business park properties in the greater Washington, D.C. region. The real estate investment trust has recently paid $41 million for a Class-A office building in Reston, while selling its Corporate Campus in Ashburn for the exact same sum, in a separate transaction.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[1815],"class_list":["post-1004099918","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>First Potomac Realty Trust Improves D.C.-Area Office, Business Park Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/first-potomac-realty-trust-improves-d-c-area-office-business-park-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Potomac Realty Trust Improves D.C.-Area Office, Business Park Portfolio\" \/>\n<meta property=\"og:description\" content=\"First Potomac Realty Trust is improving its portfolio of office and business park properties in the greater Washington, D.C. region. 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