First Potomac Realty Trust Announces First Office Lease At Redeveloped 440 First Street, NW
- Associated Builders and Contractors, Inc. Signs Lease for Nearly 20,000 SF -
BETHESDA, Md., July 10, 2013 /PRNewswire/ — First Potomac Realty Trust (NYSE: FPO), a leading owner of office and business park properties in the greater Washington, D.C. area, today announced that Associated Builders and Contractors, Inc. (ABC) has signed an 11-year lease for 19,830 square feet at 440 First Street, NW.
Located in the prominent Capitol Hill submarket, the building is 140,000 square feet, with a glass curtain wall design that allows an abundance of natural light into the spaces and provides views of the Capitol and the Washington Monument. The Class A building boasts two rooftop terraces, a conference center/boardroom, a state-of-the-art fitness center and underground parking, as well as retail and restaurant space on the ground floor. Ideally situated between the Union Station and Judiciary Square Metro stops, 440 First Street is expected to be substantially complete by the end of July. First Potomac is pursuing LEED Platinum certification for the building which is also the first in the downtown office market to use a Dedicated Outside Air System (DOAS) with 100% fresh air.
“We’re very excited to welcome ABC as our first office tenant to 440 First Street,” stated Ernie Jarvis, Senior Vice President of First Potomac Realty Trust. “As the building nears completion, we expect to welcome many more tenants looking to take advantage of the newly renovated property’s first-rate amenities and excellent location.”
ABC, is joined by Cafe Phillips which signed a 3,221 square foot retail lease in March.
“This Capitol Hill location will provide ABC with the opportunity to be closer to legislators, policymakers and our coalition partners,” said Jason Daisey, Chief Financial Officer for ABC. “The new space at 440 First Street offers a great return on investment for ABC’s members and is reflective of who we are and what we stand for, in addition to displaying best practices in construction and design.”
Mindy Saffer of CRESA and Eric West of West, Lane & Schlager represented ABC in the transaction.
About First Potomac Realty Trust
First Potomac Realty Trust is a self-administered, self-managed real estate investment trust that focuses on owning, operating, developing and redeveloping office and business park properties in the greater Washington, D.C. region. A key element of First Potomac’s overarching strategy is its dedication to sustainability. Nearly 1 million square feet of First Potomac property is LEED Certified, with the potential for another 1 million square feet in future development projects. Approximately half of the portfolio’s multi-story office square footage is LEED or Energy Star Certified and 81% of First Potomac’s Washington, DC portfolio is Energy Star Certified. FPO common shares (NYSE:FPO) and preferred shares (NYSE:FPO-PA) are publicly traded on the New York Stock Exchange. For more information, please visit www.first-potomac.com.
About Associated Builders and Contractors
Associated Builders and Contractors (ABC) is a national trade association representing 22,000 members from more than 19,000 construction and industry-related firms. Founded on the merit shop philosophy, ABC and its 72 chapters help members win work and deliver that work safely, ethically and profitably for the betterment of the communities in which they work. Visit us at www.abc.org.
SOURCE First Potomac Realty Trust