A partnership between Perseus Realty Four Points, and Greencourt Capital has signed an agreement to purchase a development site located in the NoMa submarket of Washington, D.C. from First Potomac Realty Trust. The $54.5 million deal is for Storey Park, an approved development site for over 700,000 sqf of mixed-use development. The site is the former Greyhound Bus Terminal at 1005 First Street, NE in Washington, D.C. The sale of is expected to close by the end of July 2016.
“After running a formal marketing process for Storey Park, we selected Perseus Realty, our existing joint venture partner, as the ultimate buyer, both because of their broad knowledge of the asset and our ability to maximize proceeds for the company…This represents a significant step towards our goals to de-risk our portfolio, de-lever our balance sheet, and maximize asset values,” said Robert Milkovich, CEO of First Potomac Realty Trust.
