Rand Construction, a nationwide general contracting firm based in Alexandria, Virginia, has named Bob Milkovich its new CEO.

Milkovich, the former CEO of First Potomac Realty Trust, will replace Linda Rabbitt, the founder of Rand Construction. Rabbitt will stay on as chairman of Rand's board of directors and remains a majority shareholder of the privately owned company.

“Every successful company must focus on the future, and with Bob at the helm, I am confident that Rand’s future is bright," Rabbitt said in a release. "His financial expertise, industry acumen, demonstrated leadership skills, and commitment to Rand‘s core values make him well-equipped to build upon our strong foundation."

The construction firm also announced Tuesday it promoted David Fletcher and Tim Schmidt, who have each spent over 18 years with the firm, to co-managing principals of Rand's Washington Metro region operations.

Milkovich served as First Potomac's CEO from 2015 until the Bethesda-based REIT was acquired in 2017 by Government Properties Income Trust. Prior to First Potomac, he spent two years with Spaulding & Slye Investments, a subsidiary of JLL. He also spent eight years with Goldman Sachs and 15 years with CarrAmerica Realty Corp.

Rabbit founded Rand Construction in 1989 in the D.C. region, and it now has offices in Atlanta, Austin and Denver, with plans for additional national expansion. The firm, which specializes in tenant interiors, building renovations, retail, restaurants and design-build construction services, brings in over $300M in annual revenue.

"When I look at Rand I not only see a success story, but also a growth story," Milkovich said. "Rand has an impressive 30-year legacy of excellence and leadership under Linda Rabbitt."