In October, First Potomac brought on regional vice presidents Mary Wacker for the Northern Virginia region and Tony Beck for the Southern Virginia region. The three person team will focus on leasing strategies.
According to BMO Capital Markets Corp. analyst Paul Adornato, leasing strategies have become more integral to the company's bottom line. "When it went public its strategy was mainly acquiring existing, fully leased properties," he tells GlobeSt.com. "Now that cap rates have moved down First Potomac has shifted its strategy in order to add value through lease-up, development and redevelopment strategies."
During Q4 2006, First Potomac completed one million sf of leasing activity; including approximately 650,000 sf of lease renewals and 380,000 sf of new leases, as reported by GlobeSt.com.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
