WASHINGTON, DC-First Potomac Realty Trust has expanded itsunsecured revolving credit facility from $175 million to $225million with the addition of two new lenders, US Bank and TDBank. The additional credit will add to its already strongpurchasing power.


Earlier this year First Potomac tapped the equity markets witha public offering of five million shares, raising roughly $75million. In an earlier interview with GlobeSt.com, CEO DougDonatelli said that it planned on using theproceeds to pay down its line of credit and for acquisitions.The REIT recently nabbed an officebuilding in Oakton, VA for $13.8 million. In December 2009, itacquiredCorporate Campus at Ashburn Center.


First Potomac’s strategy is to acquire buildings at belowreplacement cost, and then bring the occupancy levels up. Itrapidly added tenants to its Corporate Campus purchase. TheOakton building is also empty, having been occupied by LockheedMartin for more than 20 years before its lease expired inNovember 2009.


To reposition the property, First Potomac plans to renovateall eight stories and penthouse and then pursue LEEDcertification. It plans to spend an additional $5 million, orapproximately $30 per square foot, on the renovations.

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