First Potomac Realty Trust : Signs over 47,000 Square Feet of New Leases at Two Value-Add Properties in Northern Virginia

January 23, 2013 at 09:05 pm

MarketScreener.com By

-Three Flint Hill now 80-Percent Leased-

First Potomac Realty Trust (NYSE:FPO), a leading owner of office and industrial properties in the greater Washington, D.C. region, today announced the signing of four new leases, totaling 47,491 square-feet, at Three Flint Hill and Atlantic Corporate Park, two of its value-add properties in Northern Virginia.

"Redeveloping Three Flint Hill allowed us to maximize its value-add potential, and as a result attracted both established and entrepreneurial tenants who are looking for energy efficient, first-class facilities," stated James "Skip" Dawson, Executive Vice President and Chief Operating Officer of First Potomac Realty Trust. "Atlantic Corporate Park is another LEED certified property in our Northern Virginia portfolio offering high quality space in the heart of Loudoun County's best amenities."

Three new leases at Three Flint Hill bring the redevelopment property up to 80-percent leased since delivering at the end of 2011. Recent leasing transactions include:

First Heritage Mortgage, LLC, a full service mortgage lender that provides home loans in Virginia, Maryland, Washington, D.C., Delaware and West Virginia, will occupy the entire eighth floor at the property. First Heritage has signed a seven-year lease for 18,673 square feet.
Intec Group, Inc., an integrated architecture and interior design firm, signed a seven-year lease for 7,641 square feet.
OTA Broadcasting, LLC, an owner and operator of independent television stations in large markets throughout the United States, has leased 1,966 square feet for five years.

First Potomac completed an extensive $10-million renovation of Three Flint Hill in 2011. The 8-story office building includes a tenant-only fitness center, private terraces and a penthouse conference facility that can accommodate up to 130 people. The property is the first redeveloped office building in the Oakton, Virginia submarket to earn LEED Gold certification.

Three Flint Hill has been honored as a Best Real Estate Deal by The Washington Business Journal in the Best Rehab/Reuse category, as well as Best Building Renovation - Capital Improvement by NAIOP Northern Virginia's Awards of Excellence committee.

TetraTech, Inc., a worldwide integrated consulting, engineering and technical services company, has leased 19,211 square feet at Atlantic Corporate Park. Atlantic Corporate Park is LEED Gold certified and consists of two four-story Class A office buildings, totaling 221,182 square feet.

About First Potomac Realty Trust

First Potomac Realty Trust is a self-administered, self-managed real estate investment trust that focuses on owning, operating, developing and redeveloping office and industrial properties in the greater Washington, D.C. region. As of September 30, 2012, the Company's consolidated portfolio totaled approximately 14 million square feet. Based on annualized cash basis rent, the Company's portfolio consists of 43% office properties, 36% business parks and 21% industrial properties. A key element of First Potomac's overarching strategy is its dedication to sustainability. Nearly 1 million square feet of First Potomac property is LEED Certified, with another 1 million square feet currently in development. Over half the portfolio's multi-story office square footage is LEED or Energy Star Certified and 82% of First Potomac's Washington, DC portfolio is Energy Star Certified. FPO common shares (NYSE:FPO) and preferred shares (NYSE:FPO-PA) are publicly traded on the New York Stock Exchange. For more information, please visit www.first-potomac.com.