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

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.

Three Flint Hill has been honored as a Best Real Estate Deal by The Washington Business Journal in the Best Rehab/Reuse category, as well as Best Building Renovation – Capital Improvement by NAIOP Northern Virginia’s Awards of Excellence committee.

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 March 31, 2012, the company's portfolio totaled over 14 million square feet and consists of 43% office, 36% business parks, and 21% industrial properties. A key element of First Potomac's overarching strategy is its dedication to sustainability. Nearly 1 million square feet of First Potomac property is LEED Certified, with another 1 million square feet currently in development. Approximately half of the portfolio's total square footage of multi-story office property is either LEED or Energy Star Certified and 82% of First Potomac’s Washington, DC portfolio is Energy Star Certified. FPO shares are publicly traded on the New York Stock Exchange (NYSE:FPO). For more information, please visit www.first-potomac.com.

Copyright Business Wire 2010

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