First Potomac's Big Switch
First Potomac REITannounced late yesterday that it's marketing its 4.3M SF industrial portfolio in order to focus its investments on the office sector. CIO Nick Smith (left, with SVP Judy Tria and CEO Doug Donatelli) told us this morning that the industrial properties will be sold as a package and that the sale's motivation is motivated by recent success with high-end office. Nick adds that they've already heard interest from buyers and that a sale could close by Q2.
Those high-end office sites include NoMa's 1005 First Ave NE(the former Greyhound bus terminal site), which Nick tells usalong with partner Perseus Realty it will redevelop as Storey Park.. The site's approved for up to 712k SF of mixed-use space, and First Potomac is actively seeking a JV equity partner. That's not its only office asset in the works: 440 First St NW will deliver late this summer.