306,656-sf flex/officeproperty it acquired this year--is valued at $42 million.

First Potomac, though, expects to form multiple such JVs overthe course of 2009 with AEW to make additional acquisitions, FirstPotomac CEO Douglas J. Donatelli tells GlobeSt.com. "Our goal is toacquire roughly $100 million with them," he says, adding that thereis no specific agreement based on that number.

In this first JV--of which AEW owns 75%--First Potomac hascontributed the Columbia, MD-based Rivers Park I & II at itsoriginal cost, generating approximately $12 million of proceeds forthe REIT. First Potomac also received an acquisition fee and willcontinue to manage and lease the property. As part of thetransaction, First Potomac will guarantee a three-year master leaseagreement by the former owner for approximately 8% of the property.Wachovia Securities represented First Potomac in thistransaction.