First Potomac Realty Trust (NYSE:FPO), a regional leader in the ownership, development and management of business parks and industrial properties, today announced that it has finalized a joint venture with AEW Value Investors II, L.P. a value-added real estate fund managed by AEW Capital Management. First Potomac contributed to the joint venture a six-building business park located in Columbia, Maryland, Rivers Park I & II, which the Company acquired in September 2008. The new joint venture is owned 75% by AEW and 25% by First Potomac.

The property was contributed to the joint venture at the Company’s original cost, generating approximately $12 million of proceeds to First Potomac. First Potomac received an acquisition fee and will continue to manage and lease the property. In addition, First Potomac will receive a promoted interest above specified return thresholds. As part of the transaction, First Potomac will guarantee a three-year master lease agreement provided by the former owner that encompasses approximately 8% of the property.

Douglas J. Donatelli, Chief Executive Officer of First Potomac, noted, "The closing of this transaction during such a turbulent economic period with a high-quality partner like AEW further validates First Potomac’s investment strategy and markets. Rivers Park is a well located property that we acquired at an excellent price. We intend to add value to the property through our intense leasing and management focus. While this joint venture encompasses only one property, we expect to pursue other acquisitions with AEW over the coming quarters. We believe our solid capital position, with only $38 million of debt maturing before 2011 and our renewed relationship with AEW, positions us well to take advantage of select future market opportunities."

Pamela J. Herbst, Managing Director at AEW and head of AEW’s Direct Investment Group, added, "AEW has enjoyed a longstanding and mutually beneficial relationship with First Potomac in the past. We are pleased to renew that relationship and look forward to working with them to take advantage of some of the dislocation occurring in today’s real estate market."

Wachovia Securities represented First Potomac in this transaction.

About First Potomac Realty Trust

First Potomac Realty Trust is a self-administered, self-managed real estate investment trust that focuses on owning, developing, redeveloping and operating industrial properties and business parks in the Washington, D.C. metropolitan area and other major markets in Virginia and Maryland. The Company's portfolio totals approximately 12 million square feet. The Company's largest tenant is the U.S. Government, which accounts for more than 6% of annualized rent. First Potomac Realty Trust’s press releases are available at www.first-potomac.com or by contacting the Company at 301-986-9200.

About AEW Capital Management

Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage approximately $34 billion of capital invested in over $48 billion of property and securities in North America, Europe and Asia (as of September 30, 2008). On behalf of many leading institutional and private investors, the firm actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris and Singapore, as well as additional offices in eight European cities. For more information please visit www.aew.com.

Forward-Looking Statements

The forward-looking statements contained in this press release are subject to various risks and uncertainties. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that its expectations will be achieved. Certain factors that could cause actual results to differ materially from the Company's expectations include changes in general or regional economic and market conditions, the Company's ability to complete acquisitions on acceptable terms, failure of customary closing conditions and other risks detailed in the Company's Annual Report on Form 10-K and described from time to time in the Company's filings with the SEC. Many of these factors are beyond the Company's ability to control or predict. Forward-looking statements are not guarantees of performance. For forward-looking statements herein, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.