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FIRST POTOMAC BUYS COLUMBIA OFFICES

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FIRST POTOMAC BUYS COLUMBIA OFFICES
Patrick Kelly
First Potomac's Patrick Kelly told us yesterday that his firm acquired Hillside Center I and II in Columbia (86k SF of Class-A office) from two affiliates of Dick Manekin's former operating company, Corinthian Realty Group. (Dick is so in the mix that he's in two stories today). The REIT assumed a $13.3M loan on the 86k SF of Class-A office that'll mature in December '16 and paid another $2.9M cash to Dick and former Corinthian co-owner Rob Borris. Patrick says BAE leases 60% of the properties (the rest is leased to five other tenants). The defense contractor's two leases there expire in 2015 and '16, but it has invested significantly in the space. First Potomac already owns 700k SF of office in Columbia, as well as a 139k SF building in Rockville's Redland Corporate Center that's also leased to BAE.
Hillside Center, Columbia, MD
Cassidy Turley's Jon Carpenter and team repped the sellers. He tells us BAE has echoed BRAC, relocating its cybersecurityoperations from Virginia to Fort Meade, and just might want toexpand in Hillside Center. Jon's team also has a few office portfolios under contract and hopes to close $150M worth of deals by the end of the year.