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REIT Renews 172,000 SF, Eyes Redo

ALEXANDRIA, VA-First Potomac believes that its office/flex property inside the Beltway could be developed into a higher and better use.

By Erika Morphy | Updated on July 08, 2008

ALEXANDRIA, VA-First Potomac Realty Trust has renewed 172,000-sf with Stock Building Supply–or Smoot Lumber–at 6295 Edsall Rd. in its Plaza 500 property. The lead tenant at Plaza 500, Smoot Lumber is occupying more than a third of the property. With their renewal inked, the company will remain on the premises to 2017.

The lease will give First Potomac Realty the necessary time to decide how, or if, it will reposition the property, which is currently a quasi warehouse with a little flex, Skip Dawson, EVP and COO of First Potomac, tells GlobeSt.com. “It has some office on it too, but for a 34-acre parcel inside the Beltway we don’t think that this is its highest and best use.”

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