WASHINGTON, D.C. — First Potomac Realty Trust (NYSE: FPO) has acquired a 155,713-square-foot office building in Washington, D.C., for $89 million. The nine-story building is located at 11 Dupont Circle NW in the city’s Dupont Circle neighborhood.
The fully leased property houses 15 tenants and 11,692 square feet of ground-floor retail space. Notable tenants include Fresenius Medical Care – Dupont Circle Dialysis, Maggio + Kattar law firm and Books-A-Million.
Dupont Circle is known as one of the more vibrant neighborhoods of Washington, D.C., with numerous retail, dining, entertainment and hospitality options. These services are joined by many of the world’s embassies on Embassy Row, including Morocco, Indonesia, Zimbabwe, Uzbekistan, Jamaica and the Republic of Namibia. The office building is also one block from the Dupont Circle Metro station on the Red Line.
First Potomac now owns seven high-quality office buildings within the District for a total of more than 1 million square feet. The seller of 11 Dupont Circle was not named.
“The acquisition of 11 Dupont Circle continues First Potomac’s strategic initiative to acquire, own and operate high-quality office properties in the Washington, D.C., metropolitan area,” says Nicholas Smith, First Potomac’s chief investment officer. “The property has a diverse tenant roster and excellent access to public transportation and amenities. We are thrilled to own an asset in one of the most dynamic and vibrant submarkets, which is home to a number of influential organizations, global institutions and the prestigious Embassy Row.”
The Bethesda, Md.-based self-administered, self-managed REIT also recently listed its office portfolio in Richmond, Va., for sale. This portfolio includes Chesterfield Business Center, Hanover Business Center, Park Central and Virginia Technology Center.
First Potomac owns, operates, develops, and redevelops office and business park properties in the greater Washington, D.C., region. Its consolidated portfolio contained a total of 8.7 million square feet as of late June.
The stock price of First Potomac closed Thursday, Sept. 25 at $11.88 per share, down from $12.75 a year earlier.
— Nellie Day