First Potomac Realty Trust was a real estate investment trust that invested in industrial properties and
business park
A business park or office park is a designated area of land in which many office buildings are grouped together. These types of developments are often located in suburban areas where land and building costs are more affordable, and are typicall ...
s in the
suburbs of the
Washington metropolitan area
The Washington metropolitan area, also commonly referred to as the National Capital Region, is the metropolitan area centered on Washington, D.C. The metropolitan area includes all of Washington, D.C. and parts of the states of Maryland, Virg ...
. In 2017, it was acquired by Government Properties Income Trust.
Assets
As of December 31, 2016, the company wholly owned properties totaling 6.7 million square feet and owned an additional 0.9 million square feet via
joint ventures
A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...
. The company's largest tenant was the
federal government of the United States
The federal government of the United States (U.S. federal government or U.S. government) is the national government of the United States, a federal republic located primarily in North America, composed of 50 states, a city within a fede ...
, which accounted for 16% of rents in 2016.
[
]
History
The company was founded in 1997 by Douglas J. Donatelli and Nicholas R. Smith.
In October 2003, the company became a public company
A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( l ...
via an initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...
, raising $112.5 million.[
In 2010, the company acquired 440 First St NW for $15.3 million and 1211 Connecticut Ave for $49.5 million.
In June 2013, the company sold the majority of its industrial portfolio to an affiliate of ]The Blackstone Group
Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate ...
for $241.5 million.
In March 2015, the company sold its properties in Richmond, Virginia
(Thus do we reach the stars)
, image_map =
, mapsize = 250 px
, map_caption = Location within Virginia
, pushpin_map = Virginia#USA
, pushpin_label = Richmond
, pushpin_m ...
for $60 million.
In November 2015, Robert Milkovich was appointed chief executive officer of the company and founders Douglas J. Donatelli and Nicholas R. Smith resigned from the company.[
In March 2016, the company sold 26 buildings in Northern Virginia for net proceeds of $90.5 million.
In October 2017, the company was acquired by Government Properties Income Trust.]
References
{{Reflist, 2
External links
Ohio Real Estate
1997 establishments in Maryland
Real estate companies established in 1997
Financial services companies established in 1997
Financial services companies disestablished in 2017
Defunct real estate companies of the United States