Albany, New York (09/26/2014) – According to reports, First Potomac Realty Trust (NYSE:FPO) has acquired 11 Dupont Circle. The former has paid $89 million to execute this transaction successfully. FPO is the leading operator and owner of the business park and office properties in the greater Washington area. The main objective of FPO behind acquiring 11 Dupont Circle is nothing but the expansion of assets.
Background of 11 Dupont Circle:
As per the reports, 11 Dupont Circle is a 155,713 square foot office building. It is located in one of the most eye-catching sites of Washington named Dupont Circle. It’s very easy to experience second to none premier live-work-play environments at Dupont Circle. There are total 15 tenants who have taken 100% of this building area on lease. Other than having nine-story building, it also has 11,692 square feet of retail space, which is located on the ground level of the property. After acquiring 11 Dupont, First Potomac Realty Trust (NYSE:FPO)’s high-quality office assets in Washington has reached seven, spread across 1 million square feet area.
It is a strategic step taken by the company in order to acquire and operate high-class assets in Washington’s key location. According to Nicholas R. Smith, Chief Investment Officer of First Potomac Realty Trust (NYSE:FPO), this building has an excellent access to public amenities and transport system as well as diverse tenant roster. Dupont Circle is home to a number of global institutions, influential organizations and prestigious Embassy Row; therefore, it’s an honor for the company to own a luxurious property here. The transportation system is quite effective, and it has easy connectivity with other parts of the city. The city metro station is just one block away from the Dupont Circle. All the offices in 11 Dupont equipped with the substantial natural light, eye-popping window lines, below garden parking and park views. It will surely enhance the brand image of First Potomac Realty Trust (NYSE:FPO) in coming months.