WASHINGTON, DC—First Potomac Realty closed on 11 Dupont Circle this week for $89 million, an acquisition we first reported last month.

11 Dupont Circle is a nine-story, 155,713 square foot office that is 100% leased to 15 tenants. There is also 11,692 square feet of retail located on the ground level. The REIT plans to invest in renovations and is discussing with tenants what improvements they would like to see done, CIO Nicholas Smith tells GlobeSt.com. "There is a great roster of tenants and a lot of possibilities for improvements," he says.

Cassidy Turley began marketing 11 Dupont Circle in May on behalf of BlackRock Realty.

The acquisition is part of First Potomac's strategy of focusing on core buildings in the city. This particular building is emblematic of that strategy, Smith says. "It has a nice yield, with long-term leases and is well located. " The fundamentals for Dupont Circle are excellent as well, he adds. "We found during our due diligence that Dupont Circle buildings have a 2% vacancy rate," he says.

The other half of First Potomac's strategy has been to sell of non-core assets. To that end it has been marketing its Richmond, VA-based portfolio, which includes Chesterfield Business Center, Hanover Business Center, Park Central, and Virginia Technology Center and it appears it has found an interested buyer.

The sale is expected to close late in the fourth quarter of 2014 or early 2015.

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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.