Akridge Welcomes New Joint Venture Partner, Mitsui Fudosan America, on 1200 17th Street First Potomac Realty Trust sells its ownership share in the development project
WASHINGTON, Aug. 27, 2012 /PRNewswire/ -- Full service real estate firm, Akridge announces a new joint venture partner on its latest development project in the central business district, 1200 17th Street. Mitsui Fudosan America has acquired the First Potomac Realty Trust (NYSE: FPO) ownership interest in the project, and will work with Akridge to deliver this trophy-class building to the central business district.
This isn't the first project Akridge has partnered with Mitsui Fudosan; having paired up on 700 Sixth Street, 1090 Vermont Avenue, and most recently and The Homer Building at 601 Thirteenth Street, NW in January. Positive experiences and a successful relationship on those projects led to the interest in 1200 17th Street. "Partnering with Mitsui Fudosan ensures that we are able to keep this project moving forward with the great momentum that First Potomac has lent thus far," said Senior Vice President of Leasing and Acquisitions, P. Brian Connolly. "We are excited to expand upon our existing experience with Mitsui Fudosan, and somewhat bittersweet to move forward without First Potomac. They are a great team and we are optimistic about the opportunity to work with them on future projects."
Formerly occupied by the National Restaurant Association, the building is currently under demolition and will be redeveloped as a free-standing structure. Ideally located near the Red, Blue and Orange Metro Lines, the 168,000 square foot trophy-class building is targeting LEED Platinum Certification, with glass on all four sides, expansive ceiling heights, broad column spacing, rooftop terrace, and fitness center. The project is on schedule and will be completed in the fourth quarter of 2014.
Akridge is a comprehensive real estate services company that provides acquisition, development, construction management, asset management, property management, leasing, and consulting services. Founded in 1974, the company has acquired or developed more than 11 million square feet of commercial space and currently manages seven million square feet throughout the DC area. The industry's foremost benchmarking firm, CEL & Associates, has ranked Akridge the number one real estate firm in the country for Client satisfaction, among firms of similar size, ten times since 1999. Akridge has been honored with the National Capital Business Ethics Award, and has also been recognized as the Best Place to Work in Greater Washington by the Washington Business Journal. For more information, please visit www.akridge.com.
About First Potomac Realty Trust
Headquartered in Bethesda, Maryland, 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, DC region. The Company's portfolio totals more than 13 million square feet. The Company's largest tenant is the U.S. Government, which along with government contractors, accounts for more than 20 percent of the Company's revenue. For more information, please visit www.first-potomac.com.
About Mitsui Fudosan America
Mitsui Fudosan America, Inc. (MFA), the US subsidiary of Japan's largest real estate company, is a real estate investment and development firm headquartered in New York. The company's history in the US market began in the early 1970s with its acquisition and redevelopment of the renowned Halekulani Hotel in Waikiki, Hawaii. Subsequent investments were made in Los Angeles, San Francisco, Washington, DC and New York. MFA's flagship commercial property is located at 1251 Avenue of Americas in New York City, one of the city's most prestigious business addresses. For more information, please visit www.mfamerica.com.