With these two transactions, First Potomac is now 89% leased at Ammendale Business Park, up from 60% at year-end 2009. To sign on Vocus, First Potomac is redesigning the interior to accommodate its functional requirements. The REIT recently completed an exterior renovation to the building as well. Vocus is expected to occupy the building in the first quarter of 2011. According to Matt Wilson, First Potomac's regional vice president for Maryland, the company had been pursuing Vocus for close to two years. Brian Liss of UGL Equis handled the transaction for Vocus.
Ammendale Business Park consists of seven office/warehouse buildings totaling 313,000 square feet. Recently First Potomac told GlobeSt.com that the company is poised to begin another acquisition spree. The REIT expects to have roughly $100 million for acquisition,according to CEO Doug Donatelli. Now "is an interesting time to be looking at transactions," he said. The last acquisition the company made was in December 2009, when it acquired Corporate Campus at Ashburn Center.
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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.
