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First Potomac Realty Trust Signs Initial Tenants for Newly Acquired Atlantic Corporate Park

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  Published in Business and Finance on Thursday, February 3rd 2011 at 12:20 GMT by Market Wire
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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 executed its first two leases at Atlantic Corporate Park in Sterling, Virginia, bringing the property to 15% leased. mindSHIFT Technologies has signed a 7.7-year lease for 24,000 square feet and Charron Consulting has committed to approximately 9,000 square feet for seven years.

"Our low basis in the asset is allowing us to offer lease terms that tenants are finding attractive."

First Potomac acquired the newly constructed Atlantic Corporate Park in December for $22.55 million, the fourth off-market acquisition of a Class A office building that the company completed in the Washington, D.C., marketplace during 2010.

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

aWhen we purchased Atlantic Corporate Park, we were confident there would be strong tenant demand given the quality of the property and its amenity-rich location,a said Tim Zulick, Senior Vice President, Leasing for First Potomac Realty Trust. aOur low basis in the asset is allowing us to offer lease terms that tenants are finding attractive.a

mindSHIFT Technologies, an IT management and services provider, will move approximately 100 employees into the property. They are expected to take occupancy by the end of the second quarter.

aThe Sterling area is attractive and our data center is located nearby so the move made sense logistically,a said Mona Abutaleb, mindSHIFTa™s President and Chief Operating Officer. aWe were also attracted to the work environment at Atlantic Corporate Park and found First Potomac very easy to work with during the negotiations. They offered attractive terms.a

Charron Consulting is expanding from its current location in Loudon Tech Center. The national construction project management firm currently has 26 employees, but there will be room for up to 36 employees in the new location.

aCharron Consulting is very excited to move into Atlantic Corporate Park,a said Chris Charron, CEO of Charron Consulting. aWe were the project manager for the construction of Atlantic Corporate Park so we witnessed the fact that they are well-built, efficient buildings. The easy access to major travel corridors, the proximity to Dulles Airport, and the park-like setting in an amenity-rich location made our choice a simple one.a

About First Potomac Realty Trust

Headquartered in Bethesda, Maryland, 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 [ http://www.first-potomac.com ].