In a previously announced strategic realignment to provide capital to improve its balance sheet's flexibility while supporting future growth initiatives, real estate investment trust First Potomac Realty Trust announced that it has entered into two separate contracts to sell a portfolio of 24 industrial properties for a total consideration of $259 million. The properties represent approximately 4.3 million square feet, but the majority of the industrial space, or approximately 4 million square feet, is being sold to an affiliate of Blackstone Real Estate Partners VII for $241.5 million. That transaction is expected to close by the end of the second quarter of 2013 and is subject to customary closing conditions. First Potomac Realty Trust Chief Investment Officer Nicholas Smith said, "Thus far, the process has met all our expectations in regards to pricing, as well as secured a well-capitalized, quality buyer with the ability to close in a short period of time with limited contingencies."