The Gateway Blvd property is a 421,100-sf office/warehouse property located on 37 acres near I-64. The facility at Stephanie Way is a 51,209-sf flex/office property located on 3.9 acres in Greenbrier/Crossways.
According to a statement by Skip Dawson, First Potomac's chief operating officer, First Potomac originally acquired these facilities when they were vacant. Now, he says, 1408 Stephanie Way is 65% leased, and there is momentum developing at 2000 Gateway Blvd. as well. "We are very pleased with the leasing velocity we are experiencing throughout our portfolio," Dawson said.
First Potomac acquired 1408 Stephanie Way in May for $5.1 million from First Data Resources Inc. It acquired 2000 Gateway in October 2005 for $14 million. The company had experienced a setback with the Gateway facility this September, when it announced that Northrop Grumman Systems Corp. had terminated its contingent lease there because it did not win a US Air Force contract.
First Potomac says that the tenant will move into Stephanie Way by year end. Next spring it will occupy 2000 Gateway Blvd.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
