Courtesy of Benzinga.
First Potomac Realty Trust (NYSE: FPO), a leading owner of office and industrial properties in the greater Washington, D.C. region, today announced the sale of its 95% interest in 1200 17^th Street, NW in downtown Washington, D.C. for $43.7 million.
“This sale allows us to achieve our previously stated goals of monetizing an investment after we have added value, significantly strengthening our balance sheet, and decreasing risk in our portfolio” said Douglas J. Donatelli, Chairman and CEO. “While we know 1200 17th Street will be a very successful project, we could not pass up the opportunity to sell our position at a significant profit. We wish our friends at Akridge great success as they move forward with 1200 17^th Street and we hope to have the opportunity to team up with them again in the future.”
