First Potomac Realty Trust Takes Redland Corporate Center To 100% Leased

BETHESDA, Md., July 8, 2013 /PRNewswire/ -- First Potomac Realty Trust (NYSE:FPO), a leading owner of office and business park properties in the greater Washington, D.C. area, today announced that a professional services firm has signed a lease to expand into the remaining 30,036 square feet at Redland Corporate Center in Rockville, Maryland, bringing the property to 100% leased.

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Redland Corporate Center consists of two multi-story, Class A, LEED Gold certified office buildings totaling 348,469 square feet.  First Potomac acquired the two buildings, 520 and 530 Gaither Road in Rockville, Maryland, in a joint venture with Perseus Realty, LLC in November of 2010.  At the time of acquisition, 520 Gaither Road was, and remains, fully leased to BAE Systems through 2020, and 530 Gaither Road was 99% vacant.  In 2011, the professional services firm signed a 12-year lease at 530 Gaither Road for 97,910 square feet.  The firm's 30,036 square foot expansion at the property takes them to 127,946 square feet.

"Redland Corporate Center was the first, and largest, value-add acquisition we made in 2010.  At the time of acquisition, we believed that its superior location and high-quality would allow us to successfully lease up the vacant space in the property," stated Douglas Donatelli, Chairman and Chief Executive Officer of First Potomac Realty Trust.  "I am pleased to announce that we have achieved the 100% leased mark, which we believe adds significant value on behalf of our shareholders, making Redland one of the most successful value-add properties in our portfolio."

Redland Corporate Center is conveniently located in the I-270 corridor of Montgomery County, Maryland.  The property has a state of the art fitness center, onsite deli, and shuttle service to the Shady Grove Metro. 

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.  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 the potential for another 1 million square feet in future development projects. Approximately half of the portfolio's multi-story office square footage is LEED or Energy Star Certified and 81% of First Potomac's Washington, DC portfolio is Energy Star Certified. FPO common shares (NYSE:FPO) and preferred shares (NYSE:FPO-PA) are publicly traded on the New York Stock Exchange. For more information, please visit www.first-potomac.com. 

About Perseus Realty LLC

Perseus Realty, LLC is a real estate firm specializing in commercial property investments and development of office and residential properties. Perseus Realty has intentionally focused its development efforts on select regional markets where it possesses in-depth knowledge of market conditions and is able to maintain a close management and control of its investments. For more information, visit www.perseusrealty.com.

Media Contact:
Vikki Kayne
301.986.9200
[email protected]

SOURCE First Potomac Realty Trust

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