Robert H. Smith School of Business
The Motley Fool

Market Foolery Featured Podcasts

  • MarketFoolery 08.21.2014
    Ron Gross analyzes the keys to “deep value” investing, what opportunities he sees in the market right now, and when activist investors matter the most.
  • MarketFoolery 08.20.2014
    Fool.com Managing Director Austin Smith analyzes the recent M&A activity, shares his outlook on the stock market and why Zillow is the most interesting company on his radar.
  • MarketFoolery: 08.19.2014
    James Early breaks down the keys to finding good dividend-paying stocks, which companies have the best track records, and why raising a stock’s dividend is not automatically a good thing.
Capital Business
Posted at 12:53 PM ET, 05/20/2013

Private equity giant Blackstone buys $241.5 million in Washington-area industrial properties

An affiliate of Blackstone Group, the New York private equity firm, will buy 23 industrial properties in Virginia, Maryland and the District as part of a sell-off of local property by Bethesda-based First Potomac Realty Trust.

With the sale, First Potomac makes another step in transitioning from an owner of large plots of industrial properties and suburban office parks to one more interested in office buildings in core employment areas.

In all, First Potomac will sell 4.3 million square feet for $259 million, it announced in a press release Monday. For $241.5 million an affiliate of Blackstone Real Estate Partners VII will buy the majority, about 4 million square feet that includes 16 assets totaling 2.6 million square feet in southern Virginia and seven others in Maryland and the District.

First Potomac will sell I-66 Commerce Center, in Haymarket, to Corporate Office Properties Trust, for $17.5 million.

Douglas J. Donatelli, chairman and chief executive of First Potomac, called the move in “the most critical step in our strategy of repositioning our portfolio to focus on high-quality office properties in the region.”

“We believe the sale, combined with the targeted portfolio management initiatives we have implemented, positions us well for continued growth in the greater Washington, D.C. office sector,” Donatelli said in the release.

Follow Jonathan O’Connell on Twitter: @oconnellpostbiz

By  |  12:53 PM ET, 05/20/2013

Tags:  First Potomac Realty Trust, Blackstone, commercial real estate

 
Read what others are saying
     

    © 2011 The Washington Post Company