Business & Finance
Business and Finance
Business and Finance
Wed, December 22, 2010 First Potomac Realty Trust Announces $25M Loan to the Owners of 950 F Street, NW in Washington, D.C.
WASHINGTON--([ BUSINESS WIRE ])--First Potomac Realty Trust (NYSE:FPO), a leading owner of office and industrial properties in the greater Washington, D.C. region, today announced that it has provided a $25 million loan to the owners of the Atlantic Building, 950 F Street, NW, in Washington, D.C. The 286,678-square-foot, LEED-certified, trophy office building is located in the heart of the citya™s East End submarket.
"Furthermore, this transaction presented an opportunity for us to forge a relationship with Douglas Development, whose innovative commercial developments have become tremendous assets for Washington, D.C."
The 10-story Atlantic Building was completed in 2006 by Douglas Development Corporation in a project that combined new construction with the historic renovation of neighboring Forda™s Theater, which also operates an annex on the buildinga™s retail level. The building is currently 94 percent leased. The buildinga™s office tenants include Alston & Bird, an international law firm, and The Pharmaceutical Research and Manufacturers of America (Pharma). Additionally, womena™s retailer Anthropologie will be moving into 10,600 square feet of the propertya™s retail space in 2011. The Atlantic Building is located within one block of Metro Center and the Gallery Place-Chinatown metro subway stations, and within close proximity to the Verizon Center. Building amenities include a tenant-only fitness center, rooftop deck and underground parking.
aWe are very pleased to become associated with this trophy office building, which combines a prestigious corporate address with the historic element of Forda™s Theater,a stated Douglas J. Donatelli, Chairman and CEO of First Potomac Realty Trust. aFurthermore, this transaction presented an opportunity for us to forge a relationship with Douglas Development, whose innovative commercial developments have become tremendous assets for Washington, D.C.a
The property is subject to a $150 million first mortgage loan. The First Potomac loan is secured by a portion of the ownersa™ interest in the property and has an interest rate of 12.5% through April 2017. The loan is prepayable in full on or after December 21, 2013.
For additional highlights on First Potomac Realty Trusta™s investment in 950 F Street please view the video at [ bit.ly/hSy80l ]. For more information on the Company please visit [ www.first-potomac.com ].
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 the repayment in full of the loan, the ability of the Company to successfully enforce its remedies under the loan and related documents, 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 approximately 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 ].
