First Potomac Realty Leases Out in Washington, DC - Analyst Blog

On Thursday, First Potomac Realty Trust FPO, the Bethesda, MD-based real estate investment trust (REIT), announced inking of four lease agreements in the newly redeveloped building at 440 First Street, NW in Washington, D.C. This is in line with the usual company strategy of offering high-quality facility to tenants as well as keeping its own cash-flow growth momentum alive.

Out of the total leased area of 19,354 square feet, 4,697 square feet will be leased to Beer Institute, a resource center representing the beer industry before Congress, state legislatures and public forums; 4,808 square feet to Banner Public Affairs, a government relations and communications company; 7,453 square feet to Access Group, a nonprofit membership organization and 2,396 square feet to Michael Torrey Associates, a public affairs group.

Notably, First Potomac Realty purchased the property in 2011 and renovated it subsequently. The Class A office building offers magnificent views of the Washington Monument and the U.S. Capitol. It is located close to both the Union Station and the Judiciary Square Metro. Additionally, the building features two rooftop terraces, a state-of-the-art fitness center, a conference center/boardroom and space for restaurant or retail center.

First Potomac Realty is a self-administered and self-managed REIT, engaged in owning, operating, developing and redeveloping industrial and flex properties in the greater Washington, D.C. region. As of Mar 31, 2014, the consolidated portfolio of First Potomac Realty totaled 8.7 million square feet.

We believe that these four lease agreements by First Potomac Realty will provide it with financial flexibility and position it favorably to pursue future expansion, development and redevelopment activities.

First Potomac Realty currently holds a Zacks Rank #3 (Hold). Some better-ranked equity REITs include The GEO Group, Inc. GEO, W. P. Carey Inc. WPC and Terreno Realty Corp. TRNO. All these stocks sport a Zacks Rank #1 (Strong Buy).

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