First Potomac Realty Trust Announces Pricing Of Series A Cumulative Redeemable Preferred Share Offering

First Potomac Realty Trust (NYSE: FPO) announced today that it has priced, in an underwritten public offering, 1.6 million additional shares of its 7.750% Series A Cumulative Redeemable Perpetual Preferred Shares (the “Series A Preferred Shares”) with a liquidation preference of $25.00 per share. First Potomac also granted the underwriters a 30-day option to purchase up to an additional 200,000 shares to cover overallotments, if any. The offering is a reopening of the Company’s original issuance of Series A Preferred Shares, which closed on January 18, 2011.

The sole book-running manager for this offering is Wells Fargo Securities, LLC. KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC, Raymond James & Associates, Inc. and RBC Capital Markets, LLC are acting as joint-lead managers, and BMO Capital Markets Corp., PNC Capital Markets LLC, and U.S. Bancorp Investments, Inc., are co-managers.

First Potomac estimates that the net proceeds from this offering, after deducting the underwriting discount and estimated offering expenses payable by First Potomac, will be approximately $39 million (or approximately $44 million if the underwriters’ overallotment option is exercised in full). First Potomac expects to use the net proceeds of this offering to repay a portion of the balance outstanding under its unsecured revolving credit facility and for working capital and general corporate purposes. The offering is expected to close on or about March 14, 2012, subject to customary closing conditions.

An automatic shelf registration statement with respect to this offering was previously filed with the Securities and Exchange Commission on July 1, 2011. A preliminary prospectus supplement relating to this offering has been filed with the Securities and Exchange Commission.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any preferred shares, nor shall there be any sale of such preferred shares in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state. The offering will be made only by means of a prospectus supplement and the accompanying prospectus, copies of which, when available, may be obtained by contacting Wells Fargo Securities, LLC, Attention: Syndicate Operations, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262 (e-mail: cmclientsupport@wellsfargo.com or telephone: 800-326-5897).

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 December 31, 2011, the Company's portfolio totaled approximately 14 million square feet. Based on annualized cash basis rent, the Company’s portfolio consists of 42% office properties, 37% business parks and 21% industrial properties.

Forward Looking Statements

The forward-looking statements contained in this press release are subject to various risks and uncertainties. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that its expectations will be achieved. Certain factors that could cause actual results to differ materially from the Company’s expectations include changes in general or regional economic conditions; the Company’s ability to timely lease or re-lease space at current or anticipated rents; changes in interest rates; changes in operating costs; the Company’s ability to complete acquisitions on acceptable terms; the Company’s ability to manage its current debt levels and repay or refinance its indebtedness upon maturity or other required payment dates; the Company’s ability to maintain financial covenant compliance under our debt agreements; the Company’s ability to remediate the material weakness in its internal controls over financial reporting described in its 10-K for the year ended December 31, 2011 and to re-establish and maintain effective internal controls over financial reporting and disclosure controls and procedures; the Company’s ability to obtain debt and/or financing on attractive terms, or at all; changes in the assumptions underlying the Company’s earnings and FFO guidance and other risks detailed in the Company’s Annual Report on Form 10-K and described from time to time in the Company’s filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. Forward-looking statements are not guarantees of performance. For forward-looking statements herein, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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