First Potomac to Sell Off $200M in Assets

First Potomac Realty Trust plans to sell off $200M in assets, it announced last week, to try to capitalize on the investment boom in the DC region. In its Q2 earnings report, the company announced it'll accelerate a plan to rid itself of development and "non-core assets," to try to improve shareholder value. CEO Doug Donatelli (right, snapped last year with his brother Chris) said selling off properties "represents a more compelling investment opportunity, on a risk-adjusted basis, compared to the acquisition of real estate assets." In addition, Doug will no longer serve as chairman: that title has been given to former lead independent trustee Terry Stevens. First Potomac owned 112 buildings and 8M SF of real estate at the end of June. During Q2, it signed the GSA to a lease in an office park in Sterling for 82k SF.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Washington, D.C. Newsletters
Related Stories

Developer Pays $7M For Planned Old Town Conversion: The D.C. Deal Sheet

FedEx's Consolidation Plan Puts $3B Of CMBS Debt In Crosshairs

DWS Plans Liquidation Of Nontraded REIT After Heightened Redemption Activity

Ruben Cos. Says It Can't Sell, Finance Navy Yard Multifamily Project

D.C. Court Tosses Lawsuit Over Proposed Rent-Freeze Ballot Initiative

Blackstone Looks To Secondary Market To Cash Out Investors In $11B Fund

CalSTRS Plans $5B In New CRE Investments

Ares, Canadian Pension Investor Launch $2.4B U.S. Logistics JV

Troubled Multifamily Loans Face A Refinancing Problem: Who Puts In New Equity?

DOJ Charges LA Nonprofit Workers With Misusing $8.7M Meant For Housing Aid

First Rate Hike Since 2023 Lands Atop 5% Treasury Yield, Ratcheting Up Capital Pressure

Stockdale Hires Fortress Exec To Launch Debt Business