FIRST POTOMAC BUYS COLUMBIA OFFICES

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.
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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Baltimore Newsletters
Related Stories

Downtown Atlanta Improvement Group Picks Food Bank Chief As Next Leader

Trump's DEI Crackdown Is Creating New Risks For Landlords That Lease To The Government

Brandon Johnson Seeks Second Term Amid Strained CRE Relationship

Former CBRE Exec Suing Brokerage Giant Over Age Discrimination, Whistleblower Complaint

D.C. Investor Behind The Stacks Swaps CEO For First Time In 25 Years

CBRE IM Buys Net Lease REIT For $1.6B, Plans More Investment

The Difference Between Service And Hospitality That Makes A Flexible Workspace A Success

Beyond The Boom: How Miami's CRE Market Continues To Be Resilient

Sixers And Flyers Unveil Renderings Of South Philly Arena Due In 2030

The Opportunities, Limitations And Benefits Of Reserved Investor Funds

After 5 Years Of Gains, Commercial Real Estate's C-Suites Just Got Less Diverse

£1B Property Group To Buy Huge Chunk Of Collapsed NCP Car Park Empire