BETHESDA, Md., Feb. 24, 2014 /PRNewswire/ -- First Potomac Realty Trust (FPO), a leading owner of office and business park properties in the greater Washington, D.C. region, today announced two full-floor, long-term leases totaling 31,766 square feet at 1211 Connecticut Avenue, NW in Washington, D.C.
- The Henry L. Stimson Center, a nonpartisan global peace and security think tank, signed a 10-year lease totaling 15,883 square feet.
- The Center for International Private Enterprise, an organization focused on strengthening democracy around the globe through private enterprise, signed a 12-year lease for 15,883 square feet.
"We are very pleased to announce these leases as it further validates our capital investment at 1211 Connecticut Avenue and eliminates downtime for both spaces," stated Ernest Jarvis, Senior Vice President at First Potomac Realty Trust. "We believe these leases are a great example of the flight to quality that is driving downtown leasing activity."
Both tenants are relocating from different parts of the city and signed in advance of an existing tenant moving out in April 2014. These two leases will maintain the building's above market occupancy rate.
Last summer, First Potomac announced a $6.25 million renovation to dramatically enhance the building's entrance, lobby, common areas, and restrooms. Significant improvements are also being made to the base building's mechanical systems. The renovation is expected to be complete in the Spring of 2014.
1211 Connecticut Avenue is an eight-story office building located two blocks south of Dupont Circle and two blocks north of the Farragut North Metro station in Washington, in D.C.'s Central Business District.
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. As of December 31, 2013, the Company's consolidated portfolio totaled 9.1 million square feet. Based on annualized cash basis rent, the Company's portfolio consists of 51% office properties and 49% business park and industrial properties. A key element of First Potomac's overarching strategy is its dedication to sustainability. Over one million square feet of First Potomac property is LEED Certified, with the potential for another 700,000 square feet in future development projects. Approximately half of the portfolio's multi-story office square footage is LEED or Energy Star Certified. FPO common shares (NYSE:FPO) and preferred shares (FPO-PA) are publicly traded on the New York Stock Exchange.
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