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Md. office park firm sells off more Va. properties for $27.3M

A Maryland real estate firm has sold off more of its Virginia property to help fund an upcoming share redemption.

First Potomac Realty Trust, a Bethesda-based owner and operator of office and business park properties in greater Washington, sold three-story office buildings called Cedar Hill I and III in Tyson’s Corner, Va., for gross proceeds of $27.3 million.

The proceeds, and money from the recent sale of Newington Business Park Center in Lorton, will be used to fund the redemption of 2.2 million Series A preferred shares set for Jan. 19.

The sale is part of First Potomac’s plans to reduce its risk, strengthen its balance sheet and reduce corporate overhead through the rapid sale of at least $200 million of assets, the company said in a statement.

Jones Lang LaSalle represented First Potomac in the sale.