First Potomac Realty Trust Announces $6 Million Renovation at 1211 Connecticut Avenue, NW
-Washington Sports Clubs renews nearly 21,000 square feet at property -
BETHESDA, MD (July 16, 2013) –First Potomac Realty Trust (NYSE:FPO), a leading owner of office and business park properties in the greater Washington, D.C. area, today announced a $6.25 million renovation at 1211 Connecticut Avenue, NW in Washington, D.C. The Company also announced that Washington Sports Club has renewed 20,965 square feet for ten years.
1211 Connecticut Avenue, NW is an 8-story, Class B office building located two blocks south of Dupont Circle and two blocks north of the Farragut North Metro station in Washington, D.C.’s Central Business District. The planned renovations will dramatically enhance the building’s entrance, lobby, common areas and restrooms. Significant improvements will also be made to the base building’s mechanical systems. The property is currently 97% leased to a variety of tenants.
“The planned renovations combined with the highly desirable location of 1211 Connecticut Avenue, NW will allow us to market the property more aggressively to future tenants,” stated Douglas Donatelli, Chairman and Chief Executive Officer of First Potomac Realty Trust. “As we continue to see a flight to quality in the downtown market, the improvements will only further enhance our ability to attract quality tenants.”
“We are pleased to renew our lease at 1211 Connecticut Avenue, NW,” said Bob Giardina, CEO of Washington Sports Clubs and Town Sports International. “We look forward to the completed renovations and the enhancements that they will bring to our members’ experience.”
Doug Mueller and Evan Behr of Jones Lang LaSalle represent First Potomac in marketing the building. Michael Zacharia of CBRE represented Washington Sports Clubs and Town Sports International in the transaction.
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 business park properties in the greater Washington, D.C. region. 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 the potential for another 1 million square feet in future development projects. Approximately half of the portfolio's multi-story office square footage is LEED or Energy Star Certified and 81% 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.