First Potomac Realty Trust was a real estate investment trust that invested in industrial properties and business parks in the suburbs of the Washington metropolitan area. In 2017, it was acquired by Government Properties Income Trust.
As of December 31, 2016, the company wholly owned properties totaling 6.7 million square feet and owned an additional 0.9 million square feet via joint ventures. The company's largest tenant was the federal government of the United States, which accounted for 16% of rents in 2016.
Video First Potomac Realty Trust
History
The company was founded in 1997 by Douglas J. Donatelli and Nicholas R. Smith.
In October 2003, the company became a public company via an initial public offering, raising $112.5 million.
In June 2010, the company acquired 500 First Street for $68 million.
In October 2010, the company acquired 1750 H Street for $65 million in a joint venture with AEW Capital Management.
In December 2010, the company acquired 1211 Connecticut Ave for $49.5 million.
In January 2011, the company acquired 440 First Street NW for $15.3 million.
In August 2011, the company acquired 1005 First Street NE for $46.75 million in a joint venture. In 2016, the company sold its interest to its joint venture partner based on a valuation of $54.5 million.
In August 2012, the company sold its interest in 1200 17th Street NW for $43.7 million.
In June 2013, the company sold the majority of its industrial portfolio to an affiliate of The Blackstone Group for $241.5 million.
In October 2013, the company acquired a building in Rockville, Maryland leased to the United States Department of Health and Human Services for $30 million.
In April 2014, the company acquired 1401 K Street NW for $58 million.
In June 2014, the company acquired 1775 Wiehle Avenue in Reston, Virginia for $41 million.
In September 2014, the company acquired 11 Dupont Circle NW for $89 million.
In March 2015, the company sold its properties in Richmond, Virginia.
In November 2015, Robert Milkovich was appointed chief executive officer of the company and founders Douglas J. Donatelli and Nicholas R. Smith resigned from the company.
In March 2016, the company sold 26 buildings in Northern Virginia for net proceeds of $90.5 million.
In February 2017, the company sold Plaza 500 in Alexandria, Virginia for $75 million.
In March 2017, the company sold 2 joint venture assets for $59.5 million.
In October 2017, the company was acquired by Government Properties Income Trust.
Maps First Potomac Realty Trust
References
Source of article : Wikipedia
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