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.