FAIRFAX, VA-Just in case market observers thought First Potomac had abandoned its core competency of suburban office product, the REIT delivered a reminder that it hasn’t: it has acquired One Fair Oaks, a 12-story, 214,000-square-foot office building here for $60.25 million.

In many ways, though, this property is similar to its more recent strategy of investing in core product. One Fair Oaks is fully leased through 2016 to defense contractor CACI Enterprise Solutions. The REIT financed the deal, which went under contract earlier this year, with available cash and by assuming the $52-million first mortgage loan, which carries an interest rate of 6.3%. "This acquisition continues our balanced approach of building our portfolio with a mix of urban and suburban office buildings and stabilized and value-add assets,” says the REIT’s CIO, Nicholas Smith.

Indeed, First Potomac seems to be taking an alternate month approach to investing. Last month it acquired a core DC office at 840 First St., NE.  The month before that, First Potomac Realty Trust acquired three buildings in DC’s suburbs: Cedar Hill I & III in Tyson’s Corner, VA and the Merrill Lynch Building in Columbia, MD for a total 240,309 square feet.