First Potomac Realty Trust has sold a 8 non-core properties in Northern Virginia known as the “Northern Virginia Non-Core Portfolio.” The buyer, an affiliate of Finmarc Management, paid $90.5 million for the properties. First Potomac’s Northern Virginia Non-Core Portfolio is comprised of 26 buildings totaling 946,000 square feet. Jim Meisel and Bruce Strasburg of HFF represented First Potomac in the sale of the assets. Robert Milkovich, CEO of First Potomac Realty Trust, said the sale of the portfolio represents “continued execution of our plan to dispose of $350 million of assets…The proceeds will be utilized to redeem a portion of our outstanding preferred shares, as we work to strengthen our balance sheet and improve our liquidity.”
