Potomac Electric Sells HQ in Washington DC for $151 Million

Pepco Holdings, Inc. Web Site - September 30, 2003

Potomac Capital Investment Corporation, a wholly owned subsidiary of Pepco Holdings, Inc. (PHI), (NYSE: POM), has sold its ten-story, 360,000 square-foot headquarters office building in downtown Washington, D.C. to Wachovia Corporation for $151 million. The sale which closed on September 30, 2003 was handled by Cassidy and Pinkard.

Known as Edison Place, the building is located at 701 Ninth Street N.W., in the highly desirable East End section, and has served as the corporate headquarters of PHI and its utility subsidiary Pepco since 2001. The current, long-term Pepco lease in the building will remain in place as part of the terms of the sale. PHI's ongoing lease of the building demonstrates its continued commitment to remaining in the District of Columbia.

Pepco Holdings' principal operating utilities, Pepco and Conectiv, deliver 50,000 gigawatt-hours of power to more than 1.8 million customers in the District of Columbia, Delaware, Maryland, New Jersey and Virginia. Sphere: Related Content