First Potomac, AEW Acquire DC Office Building for $65M

First Potomac Realty Trust and AEW Capital Management entered into a 50/50 joint venture to acquire 1750 H Street, NW, in Washington, D.C. for $65 million. National Treasury Employee's Union sold the mult-story Class A office building in a deal that was contingent on the buyers assuming a $31.4 million loan from the seller.

"It fits well into our long-term business plan to grow our presence in the downtown D.C. market, increase the number of office buildings we own, and continue our focus on high-quality properties," said Douglas Donatelli, chairman and CEO of First Potomac in a Washington Business Journal article. 1750 H Street, NW is a 10-story 111,000-square-foot office building located approximately three blocks from the White House in Washington, D.C.'s central business district. The building is 100 percent leased to six tenants, including 46,900 square feet on the top four floors that is leased back to the seller, the National Treasury Employee's Union (NTEU) for a ten-year term.

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