First Potomac Portfolio Attracts $90M

Finmarc Management Co., based in Bethesda, MD, has acquired a 26-building portfolio from First Potomac Realty Trust. The buyer reportedly paid $90.5 million for the 946,000-square-foot collection of office, flex and warehouse space, located in northern Virginia.

The portfolio is approximately 78 percent leased to more than 70 tenants, including the General Services Administration, Fairfax County, McLean Bible Church, American Public University System, Lenox Industries and U.S. Home Corp. Jim Meisel and Bruce Strasburg of HFF represented the seller.

“The sale of the northern Virginia non-core portfolio represents continued execution of our plan to dispose of $350 million of assets,” says Robert Milkovich, CEO of First Potomac Realty Trust.