A real estate investment and management firm that acquires, develops, and manages commercial properties in the Washington, DC area, First Potomac Realty Trust of Bethesda acquires its third office building in Washington, DC area. The company paid for about $49.5 million for the third office building from Harbor Group International.
In a company’s new press release, the recent acquisition is First Potomac Realty’s seventh chain of office building acquisitions for 2010, which added about 1.3 million square feet of office assets to its growing portfolio.
The company’s recently acquired office building is situated at the nation’s capital, Washington, DC—1211 Connecticut Avenue. It is an 8-storey office building with about 137,754 square-feet, and was constructed in 1967, but consequently renovated first in 1998 and in 2008.
According to First Potomac Realty’s Chairman and CEO, Douglas J. Donatelli, the company’s recently acquired office building added another strong and stable asset to its DC portfolio.
And as the seventh building acquisition for 2010, the company said that the acquisitions reflect its strategy to stabilize its position and market expertise for the company’s shareholder.
The company is planning to renovate the building’s façade and lobby to enhance its position in the commercial real estate market. Its location also offers direct access to the area’s restaurants, shops, daily convenience, and hotels. The building is also near to the city’s Metro subway line stops.
The office building, 1211 Connecticut Avenue is 25 tenants and 100 percent leased, and located within the Golden Triangle, the city’s business district.