First Potomac Realty Trust was a real estate investment trust that invested in industrial properties and

business park A business park or office park is a designated area of land in which many office buildings are grouped together. These types of developments are often located in suburban areas where land and building costs are more affordable, and are typicall ...

s in the suburbs of the

Washington metropolitan area The Washington metropolitan area, also commonly referred to as the National Capital Region, is the metropolitan area centered on Washington, D.C. The metropolitan area includes all of Washington, D.C. and parts of the states of Maryland, Virgi ...

. In 2017, it was acquired by Government Properties Income Trust.

Assets

As of December 31, 2016, the company wholly owned properties totaling 6.7 million square feet and owned an additional 0.9 million square feet via

joint ventures A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to access ...

. The company's largest tenant was the

federal government of the United States The federal government of the United States (U.S. federal government or U.S. government) is the national government of the United States, a federal republic located primarily in North America, composed of 50 states, a city within a fe ...

, which accounted for 16% of rents in 2016.

History

The company was founded in 1997 by Douglas J. Donatelli and Nicholas R. Smith. In October 2003, the company became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

, raising $112.5 million. In 2010, the company acquired 440 First St NW for $15.3 million and 1211 Connecticut Ave for $49.5 million. In June 2013, the company sold the majority of its industrial portfolio to an affiliate of

The Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate b ...

for $241.5 million. In March 2015, the company sold its properties in Richmond, Virginia for $60 million. In November 2015, Robert Milkovich was appointed chief executive officer of the company and founders Douglas J. Donatelli and Nicholas R. Smith resigned from the company. In March 2016, the company sold 26 buildings in Northern Virginia for net proceeds of $90.5 million. In October 2017, the company was acquired by Government Properties Income Trust.

References

{{Reflist, 2

External links

Ohio Real Estate
1997 establishments in Maryland Real estate companies established in 1997 Financial services companies established in 1997 Financial services companies disestablished in 2017 Defunct real estate companies of the United States