STERLING, VA-First Potomac Realty Trust has inked a total of 23,802-square feet in new tenant deals at its once vacant, but high-end office building here. It signed three deals all together at the Atlantic Corporate Park. 

American Medical Student Association signed a 10-year lease for 11,080 square feet; EduCap, a student loan administrator, signed a five-year lease for 7,197 square feet; and OneVoice Communications signed a six-year lease for 5,525 square feet. These leases bring the two building, 221,182-square-foot center to a 26% occupancy rate. The REIT expects to add additional tenants in the coming months, Tim Zulick, senior vice president of Leasing for First Potomac Realty Trust, says in a prepared statement. “Tenants are relocating to Atlantic Corporate Park because it is the premier office park in Loudon County,” he said, “and we are able to offer competitive leasing rates for first-class space.”

First Potomac acquired the newly constructed, LEED Gold-certified Atlantic Corporate Park in December 2010 for $22.55 million.

It had delivered in 2008 and remained vacant, despite a strong marketing effort by the former owner, when First Potomac snapped it up.  Since then First Potomac has launched its own strong marketing endeavor with clear success. It is not that the previous owner or marketing team did anything wrong, First Potomac’s Doug Donatelli told GlobeSt.com in an earlier interview. The REIT acquired Atlantic Corporate Park at a substantial discount, giving it greater leeway with its re-tenanting budget.

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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.