Bethesda Company Planning to Cut 50 Employees from Headquarters
Real estate investment trust could shed jobs in lead-up to merger
Via Maryland Department of Labor, Licensing and Regulation
A local real estate investment trust has warned the state it could shed 50 Bethesda employees by Oct. 1.
First Potomac Realty Trust on Friday filed the notice about layoffs at its 7600 Wisconsin Ave. headquarters, according to the Maryland Department of Labor, Licensing and Regulation. The company also notified the state it could cut 22 employees at its Columbia location.
The announcement of potential layoffs follows news that Government Properties Income Trust is acquiring First Potomac in a $1.4 billion transaction expected to close by the year’s end. First Potomac made the merger agreement public in late June.
In an article about the potential layoffs, the Washington Business Journal reported that First Potomac is Greater Washington’s 87th largest public traded company, with about 120 employees.