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First Potomac Sells Stake in DC Office for $43.7M

Mitsui Fudosan Buys 95% Interest in 1200 17th St. NW
August 28, 2012
First Potomac Realty Trust, a Bethesda, MD-based real estate investment trust, sold its majority interest in the former National Restaurant Assn. Building in Washington, DC, for $43.7 million, or about $552 per square foot.

Mitsui Fudosan America Inc., a Tokyo-based real estate investment firm, purchased the 95 percent stake in the property and will partner with Akridge, which owns the remaining 5 percent, as a free-standing,168,000-square-foot office and retail building scheduled for completion in the fourth quarter of 2014.

The former National Restaurant Assn. building at 1200 17th St. NW was originally completed in 1964 and renovated in 1994. First Potomac and Akridge purchased the structure last October for $39.65 million.

For more information on this transaction, please see CoStar COMPS #2540928.
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