Government Properties Income Trust has approved a merger agreement to acquire all of the outstanding common shares of First Potomac Realty Trust for $1.4 billion.
In a statement Wednesday, Bob Milkovich, CEO at First Potomac said the sale agreement comes after a review of alternatives by First Potomac’s board of trustees. Milkovich said the sale demonstrates “the successful execution” of 18 months of work to refine the company’s portfolio, strengthen its balance sheet and enhance the company’s corporate governance.
The deal is expected to close prior to the end of the year.