First Potomac Realty Trust Terminates Contingent Lease with Northrop Grumman

Strategic Insights -

First Potomac Realty Trust, a real estate investment trust (REIT) specializing in industrial and flex properties, has terminated its contingent lease with Northrop Grumman Systems Corporation for space at its 2000 Gateway Boulevard property in Hampton, Virginia. The lease was contingent on Northrop Grumman being awarded a specific contract by the United States Air Force, which was ultimately awarded to another contractor. This development allows First Potomac to focus on other interested parties seeking to lease space at the property. The Company's portfolio totals over 10.0 million square feet, with the U.S. Government being its largest tenant. First Potomac's forward-looking statements are subject to various risks and uncertainties, including changes in general or regional economic conditions, interest rates, and operating costs.

Key Takeaways:

  • First Potomac Realty Trust has terminated its contingent lease with Northrop Grumman Systems Corporation for space at its 2000 Gateway Boulevard property in Hampton, Virginia.
  • The lease was contingent on Northrop Grumman being awarded a specific contract by the United States Air Force, which was ultimately awarded to another contractor.
  • The termination allows First Potomac to focus on other interested parties seeking to lease space at the property.
  • The Company's portfolio totals over 10.0 million square feet.
  • The U.S. Government is First Potomac's largest tenant.
  • The Company's forward-looking statements are subject to various risks and uncertainties, including changes in general or regional economic conditions, interest rates, and operating costs.
  • The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Statistics:

  • 10.0 million square feet: Total portfolio of First Potomac Realty Trust
  • 1 property: Underlying asset in the contingent lease terminated with Northrop Grumman (2000 Gateway Boulevard in Hampton, Virginia)
  • 1: Number of contracts awarded to Northrop Grumman by the United States Air Force
  • 1: Number of contractors awarded a contract by the United States Air Force (replacing Northrop Grumman)
  • 1: Number of the Company's forward-looking statements
  • 1: Number of safe harbors claimed by First Potomac for forward-looking statements (contained in the Private Securities Litigation Reform Act of 1995)

Sources:

  • First Potomac Realty Trust (NYSE:FPO) press release
  • First Potomac Realty Trust website (www.first-potomac.com)
  • Private Securities Litigation Reform Act of 1995 (SEC regulations)