First Potomac Inks 79,096 SF

WASHINGTON, DC-First Potomac Realty Trust has signed two new leases–one with the US General Services Administration on behalf of the Department of Defense and the other with Sutron Corp. The two leases are adding 79,096 square feet of occupied space to First Potomac’s overall portfolio.

DOD is leasing 51,279 square feet at Interstate Plaza property in Alexandria, VA. Interstate Plaza is a two-story building totaling 109,081 square feet. DOD is scheduled to move in January 2009. Sutron Corp. will occupy a newly constructed building in First Potomac’s six-building Sterling Park Business Center, in Sterling, VA., taking 27,817 square feet. First Potomac did not return a call to GlobeSt.com in time for publication.

In Q3 the company executed 553,000 square feet of leases, according to its Q3 earnings report. New leases brought in an additional 307,000 square feet of occupancy; 246,000 square feet of the Q3 leasing activity were renewals. Sterling Business Park Center registered 69,000 square feet of renewals in Q3. Rental rates per square foot increase 10% for new leases and 5% for renewal leases on a GAAP basis, according to the earnings report.

First Potomac’s portfolio was 88.8% leased and 86.3% occupied at September 30, 2008 compared to 88.2% leased and 86.6% occupied at June 30, 2008.