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CORRECTING and REPLACING First Potomac Realty Trust Continues to Acquire Class-A Office Buildings in the Washington Market

^{Published on 2010-12-20 07:51:05 - Market Wire}
 

WASHINGTON--([ BUSINESS WIRE ])--Please replace the release with the following corrected version due to multiple revisions.

"Given the quality of the property and its excellent location, we are confident we can lease up the property over the next 2-3 years."

The corrected release reads:

FIRST POTOMAC REALTY TRUST CONTINUES TO ACQUIRE CLASS-A OFFICE BUILDINGS IN THE WASHINGTON MARKET

First Potomac Acquires Atlantic Corporate Park in Sterling, VA

First Potomac Realty Trust (NYSE: FPO), a leading owner of office and industrial properties in the greater Washington, D.C. region, today announced the acquisition of Atlantic Corporate Park in Sterling, VA, for $22.55 million from DEXUS Property Group. The acquisition marks the companya™s fourth off-market acquisition of Class A office buildings in the Washington, D.C. marketplace since mid-2010.

Atlantic Corporate Park consists of two, four-story Class A LEED Gold Certified office buildings, totaling 219,980 square feet. The buildings are currently vacant. The amenity-rich buildings feature an on-site fitness center, conference rooms and green space, and are located within walking distance to restaurants, lodging and shopping.

aWe continue to stay focused on adding high-quality, multi-story office assets to our already strong portfolio of commercial properties in the Washington, D.C. market,a said Douglas J. Donatelli, Chairman and CEO of First Potomac Realty Trust. aAtlantic Corporate Park provided an opportunity to acquire a well-located property at a competitive price, and enables First Potomac Realty Trust to further its strategy of capitalizing on the strong market fundamentals in the Washington, D.C. region.a

Chief Investment Officer, Nicholas R. Smith added, aFirst Potomac has continued to source off market transactions in a competitive environment and Atlantic Corporate Park is a good example of our ability to act decisively on assets that fit our criteria in markets where we see rent growth.a Smith added, aGiven the quality of the property and its excellent location, we are confident we can lease up the property over the next 2-3 years.a

The acquisition was funded by a draw on the Companya™s line of credit and available cash.

For highlighted information on the transaction please view the acquisition video at [ http://bit.ly/ezGHud ].

Forward Looking Statements

The forward-looking statements contained in this press release are subject to various risks and uncertainties. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that its expectations will be achieved. Certain factors that could cause actual results to differ materially from the Companya™s expectations include changes in general or regional economic conditions; the Companya™s ability to timely lease or re-lease space at current or anticipated rents; changes in interest rates; changes in operating costs; the Companya™s ability to complete acquisitions on acceptable terms and successfully integrate such acquisitions into the Companya™s portfolio; the Companya™s ability to manage its current debt levels and repay or refinance its indebtedness upon maturity or other required payment dates; the Companya™s ability to obtain debt and/or financing on attractive terms, or at all; changes in the assumptions underlying the Companya™s expected rates of return on acquisitions and other risks detailed in the Companya™s Annual Report on Form 10-K and described from time to time in the Companya™s filings with the SEC. Many of these factors are beyond the Companya™s ability to control or predict. Forward-looking statements are not guarantees of performance. For forward-looking statements herein, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

About First Potomac Realty Trust

Headquartered in Bethesda, Md., 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. The Company's portfolio totals more than 13 million square feet. The Company's largest tenant is the U.S. Government, which along with government contractors, accounts for more than 20 percent of the Company's revenue. For more information, please visit [ www.first-potomac.com ].