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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 24 Issue 17 September 14 - 27, 2012 Commercial Real Estate Law

A 257-unit luxury apartment project located in Arlington, VA Cassidy Turley secures $92m on behalf of the Penrose Group

RL INGTON , VA — Cassidy Turley announced that it has secured $92 million of equity and debt financing on behalf of The Penrose Group for the construction of Pike 3400, a 257-unit luxury apartment project located in Arlington, VA. David Webb, senior managing director, and Jamie Butler, associate vice president, arranged the financing on behalf of The Penrose Group. Delivering in April 2014, Pike 3400 will offer tenants a prime location at the intersection of Colum- bia Pike and Glebe Road in Arlington, VA, as well as unique amenities including 15,000 s/f of ground floor retail, a resort style pool, rooftop entertainment space and dog park, and numerous innovative Green systems and designs. In addition to the apartment building, The Penrose Group will also con- struct 44 finished townhome lots on the southern portion of the site, which have been pre-sold to a national home- builder. n A

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WP Realty secures Oak Park Commons

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Central PA

Pike 3400

In downtown Washington, D.C. First Potomac sells stake in 1200 17th Street, NW for $43.7 million

announced the sale of its 95% interest in 1200 17th St., NW for $43.7 million. “This sale allows us to achieve our previously stated goals of monetizing an investment after we have added value, signifi- cantly strengthening our bal- ance sheet, and decreasing risk in our portfolio” said Douglas Donatelli, chairman and CEO. “While we know 1200 17th Street will be a very success- ful project, we could not pass up the opportunity to sell our position at a significant profit. We wish our friends at Akridge great success as they move for- ward with 1200 17th Street and we hope to have the opportunity to team up with them again in the future.”

WASHINGTON, DC — First Potomac Realty Trust

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Directory

Upcoming Spotlight Fall Preview — September 28 th Auction Directory.......................... 4-6A Financial. .................................... 7-12A DelMarVa.................................... 19-26A TriState Organization................. 28-29A Calendar of Events. ........................ 32A New Jersey............................. Section B Pennsylvania.......................... Section C

1200 17th Street, NW Photo Credit: CoStar

First Potomac acquired 1200 17th Street, NW in late 2011 in a joint venture with Akridge for $39.6 million, in which First

Potomac provided 95% of the equity. Akridge will continue to own its portion of the project and will remain the developer. n

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