First Potomac Realty Trust Signs Over 19,000 Square Feet Of New Leases In Washington, D.C.

Jul 07, 2015, 16:15 ET from First Potomac Realty Trust

BETHESDA, Md., July 7, 2015 /PRNewswire/ -- First Potomac Realty Trust (NYSE: FPO), a leading owner and operator of office and business park properties in the greater Washington D.C. region, today announced four new lease transactions totaling 19,073 square feet at 1401 K Street, NW and 440 First Street, NW in downtown Washington, D.C.  

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440 First Street, NW is now 66% leased with the addition of the following three tenants:

  • Natural Products Association, the nation's largest and oldest non-profit organization dedicated to the natural products industry, signed a lease totaling 4,947 square feet. Matt Coursen and Steve Burman of JLL represented the Natural Products Association.
  • Institute for Science and International Security, a non-profit, non-partisan institution dedicated to informing the public about science and policy affecting international security, signed a lease totaling 1,145 square feet. Michael Boland of Boland Real Estate Services represented the Institute for Science and International Security.
  • Dell USA, a subsidiary of Dell, Inc., a global information technology company, signed a lease totaling 3,396 square feet.  Mike Shipley and Rob Faktorow of CBRE represented Dell USA.

1401 K Street, NW remains 83% leased with the following tenant:

  • Center for Democracy & Technology, a non-profit organization working to preserve the user-controlled nature of the internet and champion freedom of expression, signed a full-floor lease, with a private terrace, totaling 9,585 square feet.  Ben Plaisted and Greg Scheipers of Savills Studley represented the Center for Democracy & Technology.

"We are very pleased with the leasing momentum at 440 First Street and 1401 K Street. Downtown Washington, D.C. remains strategic to our growth, and we are committed to creating additional value through leasing and investing in our properties," stated Robert Milkovich, Chief Operating Officer at First Potomac Realty Trust.  

440 First Street, NW is a Class A office building located just blocks from the U.S. Capitol, with approximately 140,000 square feet of office and retail space. The building amenities include two rooftop terraces with panoramic views, a state-of-the-art fitness center, a conference center/boardroom, retail/restaurant space on the lobby level, and underground parking. In addition, the building has achieved LEED Platinum certification, and was ranked third by The Washington Business Journal for LEED-Certified spaces in 2013. The building is conveniently located between the Judiciary Square and Union Station metro stations on the Metro Red Line. 

1401 K Street, NW is a twelve-story 117,093 square-foot office building located in the heart of downtown Washington, D.C.  It is considered to be one of the first art-deco office buildings in Washington, D.C. and is included in the National Register of Historic Places.  Planned updates to the building include upgrades to the lobby, retail spaces, elevator cabs, restrooms and fitness center, as well as the addition of a conference facility.  1401 K Street has convenient access to the Metro's Red, Blue and Orange Lines and sits adjacent to one of Washington's largest downtown parks, Franklin Square, and is surrounded by numerous restaurants, hotels, entertainment, and transportation options.

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. As of March 31, 2015, our consolidated portfolio totaled 8.0 million square feet. Based on annualized cash basis rent, our portfolio consists of 63% office properties and 37% 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, with the potential for another 700,000 square feet in future development projects.  Approximately half of the portfolio's multi-story office square footage is LEED or Energy Star Certified. FPO common shares (NYSE: FPO) and preferred shares (NYSE: FPO-PA) are publicly traded on the New York Stock Exchange.

Media Contact:
Vikki Kayne
301.986.9200
vkayne@first-potomac.com

SOURCE First Potomac Realty Trust



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