First Potomac Realty Trust signs 75,000 square foot lease with FedEx ground

First Potomac Realty Trust announced that it has signed a five-year lease with FedEx Ground, a subsidiary of FedEx Corporation for approximately 75,000 square feet at 1920 Campostella Road in First Potomac’s Diamond Hill Distribution Center in Chesapeake, Va. The facility will house the company’s residential delivery service, FedEx Home Delivery.
Diamond Hill is a four-building industrial park, totaling 712,500 square feet on 37.43 acres of land, located adjacent to Route 64.
Scheduled renovations to the space are underway with FedEx Home Delivery operations expected to occupy the space in the fourth quarter of 2008.
FedEx Ground will relocate its local FedEx Home Delivery operations from a 32,000 square foot facility in Norfolk to the new Diamond Hill location. The move is part of FedEx Ground’s nationwide network expansion plan which calls for the addition of seven new hubs, the expansion of 21 existing hubs and the expansion or relocation of more than 230 local facilities by 2013. The expansion will boost the daily package volume capacity of the FedEx Ground network, which includes FedEx Home Delivery, from the current 3.8 million to 5.6 million packages by the end of its 2013 fiscal year.
FedEx Home Delivery, a service of FedEx Ground, specializes in convenient residential ground delivery service. With a network of 500 distribution hubs and local pickup-and-delivery terminals, FedEx Ground has a workforce of more than 70,000 employees and independent contractors and 20,000 motorized vehicles delivering over 3.8 million packages daily throughout the United States, Canada and Puerto Rico. The company reported annual revenue of USD 6.7 billion in fiscal year 2008.