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First Potomac Closes $54.5M Storey Park Trade

WASHINGTON, DC-The sale is an important milestone in the REIT's strategy of de-risking its portfolio, CEO Robert Milkovich says.

By Erika Morphy | erikamorphy | | Updated on July 26, 2016
Storey Park rendering Storey Park rendering

WASHINGTON, DC-First Potomac Realty Trust has closed the books on Storey Park, a development site  in the NoMa submarket that it put on the market as part of a larger plan to shore up its financial position.  Its  $54.5 million sale to a partnership between Perseus Realty, an affiliate of Four Points and Greencourt Capital has been finalized, the REIT announced this week.

The site went under contract in the beginning of the year for $47 million, subject to a study period.  Then, at some point, the contract fell through and the 1005 First LLC — the Perseus Realty et al group of companies — stepped up.

Perseus Realty has been involved with the site since at least 2011 when it and First Potomac acquired it through a joint venture in which First Potomac had a 97% economic interest.

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