First Potomac Realty Trust buys Fairfax County office building
- April 29, 2010
First Potomac Realty Trust has purchased Three Flint Hill in Fairfax County for $13.6 million, or about $78 per square foot. The Bethesda-based real estate investment trust said it plans to invest an additional $5 million to renovate the eight-story, 174,000-square-foot office building.
Built in 1984, the property is located just off the Interstate 66/Route 123 interchange. Currently vacant, it had been occupied by a single tenant for years, who left in 2008.
Nicholas R. Smith, chief investment officer of First Potomac Realty Trust, said in a statement that now is a good time to invest in the Washington metropolitan region since a new supply of office properties there is “essentially non-existent.”
“Our investment plan is to modernize the property, completing a full renovation of the building and to leverage our deep network of tenant relationships to lease up the building,” he said. First Potomac said it financed the acquisition with a combination of available cash and a draw on its unsecured revolving credit facility.