First Potomac Realty Trust has priced its underwritten registered public offering of 5,500,000 common shares of beneficial interest at a public offering price of USD14.50 per share.

The offering is expected to close on 22 March 2010 and is subject to customary closing conditions.

In connection with the offering, the company also granted the underwriters a 30-day option to purchase up to an additional 825,000 shares to cover over-allotments, if any.

The net proceeds of the offering to the company are expected to be approximately USD75.9m (excluding the underwriters’ over-allotments) after deducting the underwriting discount and estimated offering expenses payable by First Potomac.

First Potomac expects to use the net proceeds of this offering to pay down a portion of the balance outstanding under its unsecured revolving credit facility and the remainder for general corporate purposes.

KeyBanc Capital Markets and Wells Fargo Securities are acting as joint book-running managers for the offering. BMO Capital Markets and Raymond James are acting as co-lead managers.

First Potomac Realty Trust is a self-administered, self-managed real estate investment trust that focuses on owning, operating, developing and redeveloping office parks, business parks and industrial properties in the Washington, D.C. metropolitan area and other major markets in Virginia and Maryland.