First Potomac Trust to be acquired for $1.4 billion
WASHINGTON — Bethesda, Maryland-based First Potomac Trust, whose real estate tenants include dozens of federal government agencies in the D.C. area, will be acquired in a deal worth $1.4 billion.
Newton, Massachusetts-based Government Properties Income Trust, which leases space to government agencies across the country, says the cash and debt acquisition is expected to close before the end of 2017.
Government Properties says the acquisition of First Potomac expands its strategy to own and operate office properties leased to both government and private sector tenants in the D.C. market. It notes that Washington is the nation’s largest beneficiary of U.S. government spending.
First Potomac owns 74 buildings with 6.5 million square feet of space in the Washington market.
Ninety-two percent of its buildings are leased.
The deal still requires approval of First Potomac shareholders.
The post First Potomac Trust to be acquired for $1.4 billion appeared first on WTOP.
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