First Potomac Sells 1200 17th St. for $44M

WASHINGTON, DC-First Potomac Realty Trust is known for its buy-and-hold approach to acquisitions. It made an exception, clearly, for 1200 17th St., NW, which it acquired in October 2011 via a joint venture with Akridge. Not a year later, the REIT has sold its 95% interest in the building for $43.7 million to an unknown buyer. It was acquired for $37.6 million from the National Restaurant Association.

The original plan for the building was to raze it and then build a trophy asset on the high-demand site. It is a good plan and Akridge, which is now the developer, will move forward with it, First Potomac CEO Doug Donatelli tells GlobeSt.com. “We saw the opportunity to take a profit and we decided that was what was best for our shareholders,” he says.”