Akridge, a DC-based full service real estate firm, announced this week that it had entered into a new joint venture with Mitsui Fudosan America as First Potomac Realty Trust sold its ownership share in a development project in the central business district of Washington, DC for $43.7 million. Mitsui Fudosan America acquired the First Potomac Realty Trust ownership interest in the project on 1200 17th Street, where a building (formerly occupied by the National Restaurant Association) is currently under demolition and will be redeveloped as a 168,000 square foot trophy-class building.
According to a Washington Business Journal article, First Potomac originally bought its 95% stake in the project in a joint venture with Akridge in late 2011 for $37.6 million. Akridge will continue to own its share of the project and will remain the developer.
"This sale allows us to achieve our previously stated goals of monetizing an investment after we have added value, significantly strengthening our balance sheet, and decreasing risk in our portfolio," said Douglas J. Donatelli, Chairman and CEO of First Potomac Realty Trust. "While we know 1200 17th Street will be a very successful project, we could not pass up the opportunity to sell our position at a significant profit. We wish our friends at Akridge great success as they move forward with 1200 17th Street and we hope to have the opportunity to team up with them again in the future."
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment