Douglas Donatelli is out as CEO of First Potomac Realty Trust, the REIT announced yesterday, as is CIO Nicholas Smith. COO Robert Milkovich has been promoted to CEO and added to the board of trustees. (We snapped Doug, right, with his brother Chris last year).
Bethesda-based First Potomac Realty Trust focuses on office and business park properties in the DC region. As of Sept. 30, 2015, the company’s consolidated portfolio totaled 7.8M SF. It recently placed nine of its Northern Virginia properties on the market, trying to divest itself of assets and add capital.
Doug had served as CEO since 1997, but chairman Terry Stevens said in the announcement with the plans to sell off so many assets and shrink the company's holdings, it was also time for a leadership change.
One of the assets First Potomac could sell: its share of Storey Park. The 712k SF mixed-use development, a JV with Perseus Realty, is still waiting for an anchor office tenant before moving forward, but First Potomac likely won't wait to sign one before selling its share.
