BETHESDA, Md., Sept. 25, 2014 /PRNewswire/ -- First Potomac
Realty Trust (NYSE:FPO), a leading owner and operator of office and
business park properties in the greater Washington, D.C. region, today announced the
acquisition of 11 Dupont Circle, NW in Washington, D.C. for $89 million.
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11 Dupont Circle is a 155,713 square foot office building
located in the heart of Dupont Circle, one of Washington, D.C.'s premier live-work-play
environments. The nine-story building is 100% leased to 15 tenants,
and includes 11,692 square feet of retail space located on the
ground level. The acquisition of 11 Dupont Circle brings
First Potomac's ownership of high-quality office assets in the
District to seven buildings representing over 1 million square
feet.
"The acquisition of 11 Dupont Circle continues First Potomac's
strategic initiative to acquire, own and operate high-quality
office properties in the Washington,
D.C. metropolitan area. The property has a diverse
tenant roster and excellent access to public transportation and
amenities," said Nicholas R. Smith,
Chief Investment Officer of First Potomac Realty Trust. "We
are thrilled to own an asset in one of the most dynamic and vibrant
submarkets, which is home to a number of influential organizations,
global institutions, and the prestigious Embassy Row."
11 Dupont Circle is one block from the Dupont Circle Metro
station on the Red Line, and is surrounded by numerous restaurants,
hotels, entertainment and transportation options. The
building boasts 16,000 square foot floor plates with excellent
window lines, substantial natural light, park views
and below-grade parking, which provides convenient access in a
submarket lacking abundant parking options.
The unencumbered property was funded through a draw on the
Company's revolving line of credit.
Consistent with its previously disclosed capital recycling
strategy, the Company is marketing its Richmond, Virginia portfolio for sale, which
includes Chesterfield Business Center, Hanover Business Center,
Park Central, and Virginia
Technology Center. The sale is expected to close late in the
fourth quarter of 2014 or early 2015. However, we can provide
no assurances regarding the timing or pricing of the sale of the
Richmond portfolio, or that the
sale will occur at all.
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 June 30, 2014,
our consolidated portfolio totaled 8.7 million square feet.
Based on annualized cash basis rent, our portfolio consists
of 57% office properties and 43% 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.
Forward Looking Statements
The forward-looking statements in this press release, including
statements regarding the potential sale of the Richmond portfolio, are subject to various
risks and uncertainties. Although we believe the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, there can be no assurance that our
expectations will be achieved. Certain factors that could cause
actual results to differ materially from our expectations include
changes in general or regional economic conditions; our ability to
timely lease or re-lease space at current or anticipated rents;
changes in interest rates; changes in operating costs; our ability
to complete acquisitions and, if applicable, dispositions, on
acceptable terms; our ability to manage our current debt levels and
repay or refinance its indebtedness upon maturity or other required
payment dates; our ability to maintain financial covenant
compliance under our debt agreements; our ability to maintain
effective internal controls over financial reporting and disclosure
controls and procedures; any impact of the informal inquiry
initiated by the U.S. Securities and Exchange Commission (the
"SEC"); our ability to obtain debt and/or financing on attractive
terms, or at all; changes in the assumptions underlying our
earnings and Core FFO guidance; and other risks detailed in our
Annual Report on Form 10-K and described from time to time in our
filings with the SEC. Many of these factors are beyond our ability
to control or predict. Forward-looking statements are not
guarantees of performance. For forward-looking statements herein,
we claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995. We assume no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events.
Media Contact:
Vikki Kayne
301.986.9200
vkayne@first-potomac.com
SOURCE First Potomac Realty Trust