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First Potomac Buys Office in DC's Golden Triangle for $49.5M

Harbor Group Sells Longfellow Plaza After 17 Months of Ownership
December 9, 2010
First Potomac Realty Trust purchased an eight-story, 137,754-square-foot office building at 1211 Connecticut Ave. in Washington, DC, from Harbor Group International for $49.5 million, or a little more than $359 per square foot.

Norfolk, VA-based Harbor Group acquired the property from an affiliate of BlackRock Inc. for nearly $35.23 million or $281.50 per square foot in July 2009.

Known as Longfellow Plaza, the 43-year-old office property in the central business district’s Golden Triangle area had renovations done in 1998 and 2008. First Potomac said it plans to upgrade the building's exterior and lobby to better position it in the market. The property is fully leased to 25 tenants including International Resources Group, the U.S. Soccer Foundation, Washington Sports Clubs and Sterling International Group Inc. The average asking rent per year is approximately $43 per square foot, according to CoStar Group information.

"After less than a year and a half of successful ownership, we saw an opportunity to execute our exit strategy and deliver a superior return to our investors," said T. Richard Litton Jr., president of Harbor Group. The private real estate investment and management firm controls a portfolio consisting of 9.6 million square feet of commercial space and more than 16,000 apartment units.

Stephen Potts and James Meisel of HFF were the listing brokers.

“The acquisition of 1211 Connecticut Ave. adds another strong, stabilized asset to our portfolio of DC-area properties," said Douglas J. Donatelli, chairman and CEO of First Potomac. "As our seventh office building acquisition this year, and the third acquisition in downtown Washington, DC, this purchase is a reflection of our strategy to leverage our strong financial position and market expertise to execute deals that deliver long-term value to our shareholders."

First Potomac’s other purchases this year were Atlantic Corporate Park in Sterling, VA; Redland Corporate Center II and III in Rockville, MD; 1750 H St. NW in Washington, DC; 500 First St. NW in Washington, DC; and Three Flint Hill in Fairfax County, VA.

See CoStar COMPS #2015264 for more information.



Editor's note: The story was updated to reflect $359 as the price per square foot.
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