First Potomac Realty Trust buys four, fully-leased office buildings in Virginia and Maryland
- November 29, 2011
First Potomac Realty Trust has acquired four, fully leased Class A suburban office buildings. It purchased a controlling interest in Metro Place III and IV in Merrifield, and bought two other buildings outright in Columbia, Md.
The Bethesda, Md.-based real estate investment trust bought a 51 percent interest in the Metro Place development, assuming a first mortgage loan of about $51.5 million. The two, seven-story buildings total 325,328 square feet and are adjacent to the Dunn Loring-Merrifield Metro station at the intersection of Interstate 495 and Interstate 66. Built in 2001, they are fully leased to the U.S. government and government contractors.
In Maryland, First Potomac bought Hillside Center I and II, a pair of Class A office buildings totaling 86,189 square feet, for $16.5 million. They are 100 percent leased to six tenants, including BAE Systems.
“Both of these acquisitions are compelling for a number of reasons,” Nicholas R. Smith, First Potomac’s chief investment officer, said in a statement. “Both properties are fully leased and very well located, providing us with the opportunity for future growth.”