First Potomac Realty Trust of Bethesda has sold Alexandria Corporate Park to a tenant-in-common ownership group for $52.5 million.
The 271,688 square-foot building occupies a 13.53-acre tract at 6315 Bren Mar Drive in Fairfax County. Built in 1973, and refurbished 30 years later, it was 68 percent leased when First Potomac Realty Trust made the purchase in December 2003. Occupancy has since reached 96 percent, with tenants including the United States General Services Administration.
We are very pleased that we were able to complete this transaction and bring this asset full circle despite the current environment,” said the Bethesda firms chairman and CEO Douglas J. Donatelli. “We were willing to take the lease-up risk given our knowledge of the local market. Alexandria Corporate Park is a good asset, but we felt it had maximized its value. It is another example of how our strategies are working.