First Potomac Anticipates Sale of Two Frederick Assets Over Next Two Months

Patrick Center

First Potomac Realty Trust reported Friday that it anticipates selling its West Park and Patrick Center assets in Frederick, MD in March 2014 and April 2014, respectively.

The REIT classified both properties, as well as its Girard Business Center and Gateway Center, as held-for-sale as of December 31, 2013. The Girard Business Center and Gateway Center sold on Jan. 29, 2014 for $31.6 million.

West Park is a four-story, 28,390 square foot Class A office building located at 10 North Jefferson Street in Frederick, close to the heart of downtown and two miles from Fort Detrick. The building has maintained its original features, such as cathedral ceilings on the fourth floor, and provides access to I-270 and I-70.

Based on the anticipated sales price of West Park, First Potomac recorded an impairment charge of $2.2 million in the fourth quarter of 2013.

Patrick Center is a 66,269 square foot, seven-story, Class A office building at 30 West Patrick Street, across from the Frederick District Courthouse and less than three miles from I-70/I-270. Located within one block of many shops and restaurants, the building underwent major renovations and upgrades to its systems, a project completed in 2010/2011.