$10.2 million

It was a value-add play for First Potomac, Matt Wilson, regional vice president for Maryland, tells GlobeSt.com. "It was 40% occupied but we liked the asset and liked where the market was headed," he says. When First Potomac acquired Ammendale, two of the buildings were fully leased to three tenants. The third building was vacant and required some capital improvements. Asking rate for the space was $13.50 per sf.

[IMGCAP(2)]Siemens, which is scheduled to occupy the property in Q4 of this year, will be consolidating two groups in the new space, Wilson says. One group provides training to employees on Siemens products, and that will be one of the uses of the Ammendale facility. The company is planning a build-out that will enhance the property, he adds.

Last week First Potomac reported it had closed on a lease that brought another building to full occupancy--Citicorp leased 33,000 sf at 5301 Robin Hood Rd. in Norfolk, VA. The financial institution will be using the space for its call center operations. In general, the company did very well in Q1, Wilson notes. According to the company's Q1 earnings report, it executed 939,505 sf of leases, 339,426 sf of which were new. "That is a lot of activity," Wilson says. "I can't say we will hit that again this quarter but so far leasing has been steady."