UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
PURSUANT TO SECTION 13 or 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 25, 2011
FIRST POTOMAC REALTY TRUST
(Exact name of registrant as specified in its charter)
Maryland | 001-31824 | 37-1470730 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
7600 Wisconsin Avenue
Bethesda, Maryland 20814
(Address of principal executive offices)
Bethesda, Maryland 20814
(301) 986-9200
(Registrants Telephone Number, Including Area Code)
N/A
(Former Name or former Address if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2 below):
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. | Other Events |
On January 25, 2011, First Potomac Realty Trust (the Company) formed a joint venture (the
Joint Venture) with an affiliate of The John Akridge Company (Akridge) to acquire for
$39.6 million a property located at
1200 17th
Street, NW, in Washington, DC, and to
redevelop the property. The property currently consists of a land parcel that contains an
existing 85,000-square-foot office building. The Joint Venture intends to demolish the
existing office building and develop a new Class A office building expected to have
approximately 170,000 square feet of gross leasable area.
When the Joint Venture is fully capitalized, the Company will own 95% of the Joint Venture
(subject to adjustment depending on each partys capital contributions and subject to a
promoted interest granted to Akridge after specified returns are achieved by the Company),
while Akridge will own 5%. The Companys total capital commitment to the Joint Venture
(including acquisition and development costs) is anticipated to be approximately $109 million,
less amounts funded through acquisition and construction financing. The acquisition of the
property is not expected to occur until October 2011 and is subject to various contingencies.
Construction is currently expected to commence in 2012 and is expected to be completed in late
2014.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FIRST POTOMAC REALTY TRUST |
||||
Date: January 28, 2011 | /s/ Joel F. Bonder | |||
Joel F. Bonder | ||||
Executive Vice President and General Counsel | ||||