BETHESDA, Md., March 9, 2017 /PRNewswire/ -- First Potomac
Realty Trust (NYSE: FPO), a leader in the ownership, management,
development and redevelopment of office and business park
properties in the greater Washington
D.C. region, today announced the sale of two properties
(Rivers Park I and II and Aviation Business Park) located in
Columbia and Glen Burnie, Maryland, to an affiliated
company of Adler Kawa Real Estate Advisors for gross proceeds of
$59.5 million. The two assets, which
comprise 428,268 square feet, were owned in unconsolidated joint
ventures with an affiliate of AEW Capital Management. The
sale represents continued progress in the execution of the
Company's previously announced Strategic Plan, which includes the
sale of $350 million of non-core
assets.
First Potomac owned a 25%
interest in Rivers Park I and II, located in Columbia, Maryland, and a 50% interest in
Aviation Business Park, located in Glen
Burnie, Maryland. First Potomac's share of the gross
proceeds from the sales ($18.975
million), were utilized to pay down its share of mortgage
debt on the properties and for general corporate
purposes.
"The sale of these Joint Venture assets represents continued
execution of our strategic plan, and marks another meaningful step
forward at FPO," said Robert
Milkovich, Chief Executive Officer of First Potomac Realty
Trust. "In 2017, we have generated over $100 million of proceeds, at our share, providing
capital to repay debt and fund our redevelopment program, and have
now sold $311 million of assets
towards our stated goal of $350
million. As we progress through 2017, we remain
focused on completion of our strategic plan and driving long term
value for our shareholders."
Jon Carpenter, Nicole Keelty, and Graham Savage of Cushman & Wakefield
represented First Potomac in the sale of these Joint Venture
Assets.
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 business park properties in
the greater Washington, D.C.
region. FPO common shares (NYSE: FPO) are publicly traded on
the New York Stock Exchange. As of
December 31, 2016, our consolidated portfolio totaled 6.7
million square feet. Based on annualized cash basis rent, our
portfolio consists of 66% office properties and 34% business park
and industrial properties. A key element of First Potomac's
overarching strategy is its dedication to sustainability. Over one
million square feet of First Potomac property is LEED Certified and
over half of the portfolio's multi-story office square footage
is LEED or Energy Star Certified.
About AEW
Founded in 1981, AEW Capital Management, L.P. (AEW) provides
real estate investment management services to investors
worldwide. One of the world's leading real estate investment
advisors, AEW and its affiliates manage over $63 billion of property and securities in
North America, Europe and Asia (as of December
31, 2016). Grounded in research and experienced in the
complexities of the real estate and capital markets, AEW actively
manages portfolios in both the public and private property markets
and across the risk/return spectrum. AEW and its affiliates
have offices in Boston,
Los Angeles, London, Paris, Düsseldorf, Singapore, Hong
Kong, and Sydney, as well
as offices in seven additional European cities. For more
information please visit www.aew.com.
Company Contact:
Briean Cargill
Senior Marketing Manager
(240) 235-5523
bcargill@first-potomac.com
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SOURCE First Potomac Realty Trust