BETHESDA, Md., Jan. 27, 2014 /PRNewswire/ -- First Potomac
Realty Trust (NYSE: FPO), a leading owner of office and business
park properties in the greater Washington, D.C. region, today announced that
the company completed its eighth consecutive quarter of positive
net absorption.
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First Potomac signed 164,620
square feet of new leases and 98,673 square feet of renewals in the
fourth quarter of 2013 bringing total new leasing to 830,507 square
feet for the year. The Company also increased its occupancy
to 85.8% and its leased rate to 88.1%, which represents a 280 basis
point increase in occupancy and a 320 basis point increase in the
leased percentage compared to the fourth quarter of 2012.
"Thanks to the strength of our portfolio and the hard work of
our team, we had an extremely busy fourth quarter, making 2013 a
very successful year," said Douglas J.
Donatelli, Chairman and CEO of First Potomac Realty Trust.
"We exceeded all of our leasing goals for the quarter, and reported
our eighth consecutive quarter of positive net absorption despite
the challenging market conditions. Our total positive
net absorption for 2013 was a very strong 300,000 square feet,
moving our leased and occupied percentages up about 300 basis
points, something we are very proud of."
Notable new leases include a full-floor, 10-year lease at 1211
Connecticut Avenue, NW. with the Stimson Center, a nonpartisan
global peace and security think tank. The Stimson Center is
relocating from another downtown location, and is taking advantage
of the opportunity to be in an updated building with a newly
renovated lobby and common areas in the heart of Washington, D.C.'s central business district.
The lease was signed prior to an existing tenant vacating, and
eliminates downtime for the space.
Regus, the world's largest provider of flexible workspace,
signed an 11-year, full-floor lease at First Potomac's
TenThreeTwenty building in Columbia,
Maryland. The Company recently completed a multi-million
dollar renovation at the building, including a new two-story lobby
and entrance, as well as mechanical and aesthetic upgrades
throughout.
Other notable new leases include:
- Pyramid Systems signed a 23,279 square foot lease at Prosperity
Metro Plaza in Fairfax,
Virginia
- A business services company signed a 10-year 15,165 square foot
lease at 840 First Street, NE in Washington, D.C.
- Worldshine International signed a 10-year, 17,691 square foot
lease at Cloverleaf Center in Germantown,
Maryland
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. As of September 30, 2013, the
Company's consolidated portfolio totaled approximately 9 million
square feet. Based on annualized cash basis rent, the Company's
portfolio consists of 51% office properties and 49% business park
and industrial properties. A key element of First Potomac's
overarching strategy is its dedication to sustainability. Nearly
one million square feet of First Potomac property is LEED
Certified, with the potential for another one million square feet
in future development projects. Approximately half of
the portfolio's multi-story office square footage is LEED or
Energy Star Certified. FPO common shares (NYSE:FPO) and preferred
shares (NYSE:FPO-PA) are publicly traded on the New York Stock
Exchange.
Media Contact:
Vikki Kayne
301.986.9200
vkayne@first-potomac.com
SOURCE First Potomac Realty Trust