Please ensure Javascript is enabled for purposes of website accessibility

First Potomac sells Northern Virginia portfolio

Bethesda-based First Potomac Realty trust has sold a Northern Virginia portfolio of office buildings to Finmarc Management Inc. for $90.5 million.

The portfolio consists of 26 buildings that total 946,000 square feet of space that was 78 percent leased at year end.

“The sale of the Northern Virginia Non-Core Portfolio represents continued execution of our plan to dispose of $350 million of assets,“ Robert Milkovich, CEO of First Potomac Realty Trust said in a new release. ”As we’ve discussed previously, the proceeds will be utilized to redeem a portion of our outstanding Preferred Shares, as we work to strengthen our balance sheet and improve our liquidity.”