WASHINGTON, DC-Ernie Jarvis, a managing director in CBRE’s local office, has been recruited to join First Potomac Realty Trust as a senior vice president. His first day is next Monday, a spokesperson at the REIT tells me. Jarvis’ mandate at First Potomac will be to build out First Potomac’s presence in the District--focusing on both acquisitions and leasing--where it has only recently begun to establish itself.
“We have been looking for someone to lead the charge downtown and Ernie will be carrying our flag for us,” chief operating officer Skip Dawson tells me. “He will continue to build on his relationships there and develop our brand as we continue to push into DC.” A 15-year industry veteran, Jarvis is leaving CBRE for one of the broker’s clients, notes John Germano, executive managing director for CBRE, calling Jarvis’ departure “bittersweet” in a statement.
First Potomac has made a handful of office acquisitions in the District in recent months, a departure from its usual investment style of suburban value add industrial and office. These include 1211 Connecticut Ave.--a fully-leased, eight-story, 137,754-square-foot office building for $49.5 million--1750 H St., NW; and 500 First St., NW. More DC trades are likely to come, Douglas J. Donatelli, chairman and CEO of First Potomac Realty Trust, told GlobeSt.com in an earlier interview. “We are very bullish on the District.” The REIT likes the Golden Triangle as well as the East End and NoMa. Development is also a possibility in certain parts of the city, he says.
As for additional hires to support this growth, Dawson says Jarvis should satisfy the REITs needs for a while. “We are looking for a property manager but as far as senior executives go, I think Jarvis will be it for the time being.”
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