WASHINGTON, DC—First Potomac is planning tomake some renovations to one of its newly-acquired assets:1401 K St., NW, or The TowerBuilding as it is sometimes called.

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The REIT acquired the 117,093-square foot office earlier this year for $58million. It is one of the first art-deco officebuildings in the city and included in the National Register ofHistoric Places. At the time of its sale, in April, it was 88%leased to 22 tenants.

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First Potomac is planning upgrades to the building's restrooms,lobby, storefront, elevator cabs, and fitness center.

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CBRE, the leasing agent for the building, saysthe renovations will aid in the lease up efforts. "Refurbishmentsthat respect and highlight its historic integrity, while creatingcontemporary office features, will make 1401 K ideal fororganizations seeking distinction and visibility," said First VicePresident Mark Klug in a prepared statement.

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Built in 1929, the 12-story Tower Building offers tenants, amongother advantages, a coveted K Street address with direct elevatoraccess.

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CBRE's Max Friedman and AbigailTodd are collaborating with Klug in representing FirstPotomac.

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