First Potomac Realty Trust and Perseus Realty Announce Team for Storey Park in Washington, D.C.
BETHESDA, MD (January 29, 2013) –First Potomac Realty Trust (NYSE:FPO), a leading owner of office and industrial properties in the Greater Washington, D.C. region, along with its development partner, Perseus Realty, LLC, today announced the development and leasing teams for Storey Park, a mixed-use project on the site of the former Greyhound Bus Terminal at 1005 First Street, NE in Washington, D.C.
Storey Park is being designed by HKS Architects. The broker teams contributing to the project are Doug Mueller and Evan Behr of Jones Lang LaSalle who will focus on the office space; Lisa Stoddard and Kristen Braun of CBRE will market the retail space; and Joe Delogu, David Alperstein and Eugene Smith of FD Stonewater, will market to the federal office tenants.
“We are pleased to partner with some of the best brokers in Washington, D.C. The solid relationships and extensive track record they bring to the project are second to none” said Douglas Donatelli, Chairman and Chief Executive Officer of First Potomac Realty Trust. “While we are still in the initial planning stages for Storey Park, the site can accommodate up to 712,000 square feet of mixed-use office, retail and residential development in a transportation friendly, well located submarket.”
The site, situated in the heart of NoMa (North of Massachusetts Ave), the fastest growing neighborhood in Washington, D.C., is located at the intersection of First Street and L Street, NE. The pedestrian-friendly Storey Park will provide easy access to surrounding major road systems, Union Station, Capitol Hill, the East End and downtown. Multiple train and bus lines, a bikeshare program, and running trails surround the site.
Most notable and exciting is the planned 65,000 square-foot retail component featuring a lively streetscape including restaurants with outdoor dining, shops and amenity retail –national and local favorites - to serve the exponential growth of NoMa, as well as neighboring communities.
First Potomac and Perseus Realty acquired the site in August of 2011 for approximately $46.8 million through a joint venture, in which First Potomac has a majority interest, with an affiliate of Perseus Realty having a development role in the JV.
About First Potomac Realty Trust
First Potomac Realty Trust is a self-administered, self-managed real estate investment trust that focuses on owning, operating, developing and redeveloping office and industrial properties in the greater Washington, D.C. region. As of September 30, 2012, the Company's consolidated portfolio totaled approximately 14 million square feet. Based on annualized cash basis rent, the Company’s portfolio consists of 43% office properties, 36% business parks and 21% industrial properties. A key element of First Potomac's overarching strategy is its dedication to sustainability. Nearly 1 million square feet of First Potomac property is LEED Certified, with another 1 million square feet currently in development. Over half the portfolio's multi-story office square footage is LEED or Energy Star Certified and 82% of First Potomac’s Washington, DC portfolio is Energy Star Certified. FPO common shares (NYSE:FPO) and preferred shares (NYSE:FPO-PA) are publicly traded on the New York Stock Exchange. For more information, please visit www.first-potomac.com.