Shearman & Sterling represented Citigroup Global Markets Inc. as administrative agent and lead arranger in connection with $750 million in senior unsecured bridge financing commitments for Government Properties Income Trust's pending acquisition of First Potomac Realty Trust (Ticker: FPO) in a $1.4 billion transaction. The combined companies will have approximately $4.1 billion of consolidated gross assets.
First Potomac Realty Trust is a self-managed real estate investment trust (REIT) that focuses on owning, operating and redeveloping office and business park properties in the Washington, D.C. region. Government Properties Income Trust (Ticker: GOV) is a REIT that primarily owns properties located throughout the United States that are majority leased to government tenants.
The Shearman & Sterling team included partners Malcolm Montgomery (New York-Real Estate) and Kris Ferranti (New York-Real Estate); and associates Alex Rosenthal (New York-Real Estate), Caitlin Fahey (New York-Corporate) and Philip Dear (New York-Corporate).