The Excel Group has signed a 10-year lease for 43,840 square feet of space at the Sterling Park Business Center. The location at 405 Glenn Drive is minutes away from the company’s current headquarters in Sterling at 45675 Terminal Drive.
The business center also is near Washington/ Dulles International Airport, a plus for the company which provides courier, transportation and logistics services to customers throughout the Mid-Atlantic region. Excel Group includes Excel Courier Inc. and Excel Transportation Services Inc. The deal was brokered by the center’s owner, First Potomac Realty Trust, a real estate investment trust based out of Bethesda, Md., and a large owner of office and industrial properties in the greater Washington, D.C., region. As of March 31, First Potomac’s portfolio totaled more than 14 million square feet, consisting of 43 percent office, 36 percent business parks, and 21 percent industrial properties.
There has been speculation in recent weeks that First Potomac might be forced to sell some properties as it shores up its balance sheet. The public REIT is investigating a “material weakness” in the way it assessed its balance sheet, a process that began after the company revealed a problem with its financial controls last December. During an internal investigation into financial controls, First Potomac twice delayed announcing first-quarter results until last week, when it reported that it lost $5.8 million on $46.8 million in revenue.
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