At the time of the sale, Alexandria Corporate Park was leased to 68% capacity to a long list of diverse tenants. Based on the aforementioned level of occupancy, the property is expected to yield an estimated $3.5 million in net operating income in 2004. The US General Services Administration is the largest tenant at the property with 60,000 sf leased to house the Central Training Facility and West Regional Office of the government's Federal Protective Service. GSA signed the 10-year occupancy agreement about a year ago.
"This acquisition fits squarely into our strategy of acquiring well-located assets leased to the US Government, government contractors and Fortune 500 companies that provide attractive initial yields as well as upside potential," First Potomac CEO and president Douglas J. Donatelli explains. Other large tenants at the park include computer software company CACI International Inc., which occupies 46,000 sf, and IKON Office Solutions, which makes its home in a 25,000-sf space. Among the list of additional park occupants are TESST College of Technology and information technology firm Technology Team Inc.
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