FREDERICK, MD-Frederick watchers can rejoice: the submarket is poised for a rare office sale. First Potomac Realty Trust has secured a buyer for the Patrick Center here, according to its latest earnings report. On Feb 11, the REIT entered into a contract to sell the 66,000-square, seven-story foot office building. The sale is expected to be complete in the second quarter of 2014, however as the REIT noted in its report, "it can provide no assurances regarding the timing or pricing of the sale of the Patrick Center property, or that such sale will occur at all."

The company also reported robust leasing activity in the last quarter of 2013. "We ended the year with very strong leasing momentum and delivered our eighth consecutive quarter of positive net absorption, despite the challenges the Greater Washington, D.C. region is facing," Douglas Donatelli, chairman and CEO of the REIT, said.

First Potomac, like most REITs, is a steady recycler of capital to stay competitive. Earlier this year it disposed of a nine-building portfolio in Gaithersburg, MD, selling the 342,000-square foot portfolio for $33 million in a 1031 exchange with Finmarc.

Last October it acquired Redland I, the third building at the Redland Corporate Center, for $30 million. The 133,895 square foot, class A office building is fully leased to the Department of Health and Human Services through early 2018.

Instant Insights /

First Potomac Finds Buyer for Patrick Center

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