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Government Properties to Acquire First Potomac for $1.4B

First Potomac has been moving to right itself following a period of share value erosion.

By Erika Morphy | erikamorphy | Updated on June 28, 2017

11 Dupont Circle was one of First Potomac’s last major acquisitions. It bought the iconic property in 2014 for $89 million.

WASHINGTON, DC–First Potomac Realty Trust is being acquired by Government Properties Income Trust in a transaction that is valued at $1.4 billion including the assumption of debt, which includes $418 million and approximately $232 million of outstanding mortgage debt. Government Properties will acquire all of the outstanding shares of First Potomac, paying its shareholders $11.15 in cash per share at the transaction’s close.

That represents a premium of 9.3% to First Potomac’s share price on April 24, when the market began speculating that a deal was underway.

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