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Siemens Takes 76,000 SF, Brings Center to 100%

BELTSVILLE, MD-First Potomac Realty's bet on the $10.2-million value-add purchase it made a year ago is paying off now that it is bringing occupancy to 100% with this lease.

By Erika Morphy | Updated on May 28, 2008

[IMGCAP(1)]BELTSVILLE, MD-Siemens, USA has just inked a lease with First Potomac Realty to occupy 76,000-sf–a full building–at the firm’s Ammendale Commerce Center property, located at 6435 Virginia Manor Rd. The center is a three-building, 130,000-sf business park that First Potomac acquired last year for $10.2 million in cash.

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.

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