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Breaking News: First Potomac Finds Industrial Buyer

Resuming our regularly scheduled programming, First Potomac announced this morningit's under contract with Blackstone for 23 of its industrial properties at a price of $241.5M (COPT bought another one of the properties a few weeks back). CEO Doug Donatelli (right, whom we snapped with Vornado/Charles E. Smith's Mitchell Schear at last month's GWCAR awards) tells us the deal will close in mid-to-late June, and that interest was high: First Potomac signed 90-some confidentiality agreements with interested parties. The deal allows the firm to become a "much more active buyer in the second half of this year," Doug says, as it transitions to an investment focus on high-quality office properties in the DC region.

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