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First Potomac Realty Trust Signs Four New Leases At Three Flint Hill Office Building In Fairfax County, Virginia

Stocks in this article: FPO

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 49,308 square-feet, at its award-winning Three Flint Hill property in Oakton, Virginia.

“Three Flint Hill is a great example of First Potomac’s strategy of maximizing value-add opportunities in our portfolio. When we redeveloped the property, our goal was to attract both established and entrepreneurial tenants with modern, energy efficient, first-class facilities that provide a platform for long-term success. And that is exactly what has happened,” stated Douglas J. Donatelli, Chairman and CEO of First Potomac Realty Trust.

The property, which delivered eight months ago, is now 51% leased. The recent transactions include:

  • Chadwick, Washington, Moriarty, Elmore & Bunn, P.C., a law firm concentrating its real estate practice in the representation of condominium associations, property owners associations and other common interest communities, has leased 17,640 square-feet under a multi-year lease term.
  • A. J. Dwoskin & Associates, a commercial and residential real estate development and management company, relocating its corporate office to Three Flint Hill, signed a ten year lease for 14,300 square-feet.
  • Stratford University, a private educational institution that offers associates, bachelor’s and master’s degrees, will occupy 14,312 square-feet for eight years.
  • Ameriprise Financial, a leading financial services company, is relocating its Hunters Branch office to Three Flint Hill and will occupy 3,056 square-feet for eight years.

First Potomac acquired the then-vacant 181,400 square foot office building in April 2010 for $13.6 million and has since completed an extensive $10-million renovation. 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.

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