X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BETHESDA, MD—First Potomac Realty Trust has leased space to one tenant in two of its Virginia properties. The new tenant, a Fortune 100 defense contractor, has picked up 40,000 sf of space at 2000 Gateway Blvd. in Hampton and 33,000 sf at 1408 Stephanie Way in Chesapeake.

The Gateway Blvd property is a 421,100-sf office/warehouse property located on 37 acres near I-64. The facility at Stephanie Way is a 51,209-sf flex/office property located on 3.9 acres in Greenbrier/Crossways.

According to a statement by Skip Dawson, First Potomac’s chief operating officer, First Potomac originally acquired these facilities when they were vacant. Now, he says, 1408 Stephanie Way is 65% leased, and there is momentum developing at 2000 Gateway Blvd. as well. “We are very pleased with the leasing velocity we are experiencing throughout our portfolio,” Dawson said.

First Potomac acquired 1408 Stephanie Way in May for $5.1 million from First Data Resources Inc. It acquired 2000 Gateway in October 2005 for $14 million. The company had experienced a setback with the Gateway facility this September, when it announced that Northrop Grumman Systems Corp. had terminated its contingent lease there because it did not win a US Air Force contract.

First Potomac says that the tenant will move into Stephanie Way by year end. Next spring it will occupy 2000 Gateway Blvd.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.