BETHESDA, Md., Feb. 24, 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 two
full-floor, long-term leases totaling 31,766 square feet at 1211
Connecticut Avenue, NW in Washington, D.C.
- The Henry L. Stimson Center, a nonpartisan global peace and
security think tank, signed a 10-year lease totaling 15,883 square
feet.
- The Center for International Private Enterprise, an
organization focused on strengthening democracy around the globe
through private enterprise, signed a 12-year lease for 15,883
square feet.
"We are very pleased to announce these leases as it further
validates our capital investment at 1211 Connecticut Avenue and
eliminates downtime for both spaces," stated Ernest Jarvis, Senior Vice President at First
Potomac Realty Trust. "We believe these leases are a great example
of the flight to quality that is driving downtown leasing
activity."
Both tenants are relocating from different parts of the city and
signed in advance of an existing tenant moving out in April 2014. These two leases will maintain the
building's above market occupancy rate.
Last summer, First Potomac announced a $6.25 million renovation to dramatically enhance
the building's entrance, lobby, common areas, and restrooms.
Significant improvements are also being made to the base building's
mechanical systems. The renovation is expected to be complete in
the Spring of 2014.
1211 Connecticut Avenue is an eight-story office building
located two blocks south of Dupont Circle and two blocks north of
the Farragut North Metro station in Washington, in D.C.'s Central Business
District.
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 December 31, 2013, the
Company's consolidated portfolio totaled 9.1 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. Over one
million square feet of First Potomac property is LEED Certified,
with the potential for another 700,000 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
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SOURCE First Potomac Realty Trust