STERLING, VA-First Potomac has inked four new leases at Three Flint Hill and Atlantic Corporate Park, two buildings in Northern Virginia, for a total of 47,491 square feet.
Both of these properties were value-add plays for First Potomac – that is, they were well located properties that had trouble attracting tenants for various reasons. Three Flint Hill, a 181,400-square foot office building in Oakton, was acquired in April 2010 when it was completely vacant. The REIT repositioned the property with a $10-million renovation and set about remarketing it to local brokers and tenants. Three new leases at Three Flint Hill bring the redevelopment property up to 80% leased.
First Potomac acquired the newly constructed, LEED Gold-certified Atlantic Corporate Park in Sterling 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. It is not that the previous owner or marketing team did anything wrong, First Potomac's CEO 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.
Recent leasing transactions include:
· First Heritage Mortgage, LLC has signed a seven-year lease for 18,673 square feet.
· Intec Group, Inc., signed a seven-year lease for 7,641 square feet.
· OTA Broadcasting, LLC, has leased 1,966 square feet for five years. · TetraTech, has leased 19,211 square feet at Atlantic Corporate Park.
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