First Potomac Realty Trust to Sell Industrial Portfolio for $259 Million

BETHESDA, Md.--(BUSINESS WIRE)--First Potomac Realty Trust (NYSE:FPO), a leading owner of office, business park and industrial properties in the greater Washington, D.C. area, today announced it has entered into two separate contracts to sell a portfolio of 24 industrial properties, which consists of approximately 4.3 million square feet. The aggregate sales price under the contracts is $259 million. The majority of the industrial portfolio, representing approximately 4.0 million square feet, is being sold to an affiliate of Blackstone Real Estate Partners VII (“Blackstone”) for a purchase price of $241.5 million. Following the acquisition, the properties being acquired by Blackstone will be managed by IndCor Properties – Blackstone’s national industrial portfolio company.