NEWTON, Mass.--(BUSINESS WIRE)--Office Properties Income Trust (Nasdaq:OPI) today announced that it has completed the sale of a portfolio of 34 buildings containing approximately 1.6 million square feet located in the suburban Metro DC area for a sale price of $198.5 million, excluding closing costs. This portfolio sale completes OPI’s previously disclosed disposition plan with respect to its long term financing of the Company’s acquisition of First Potomac Realty Trust, or FPO, in 2017.

“When we purchased FPO, we determined that we would sell a number of the acquired properties that had significant capex requirements or did not fit our long-term investment focus, and these properties comprise the majority of today’s transaction,” said David Blackman, OPI’s President and Chief Executive Officer. “Including today’s sale, we have sold $520.8 million of properties since we acquired FPO and have completed our disposition plan for that acquisition.”

Proceeds from today’s sale of properties will be used to repay a portion of OPI’s unsecured term loans and borrowings under OPI’s revolving credit facility.

Office Properties Income Trust is a real estate investment trust, or REIT, which primarily owns properties located throughout the United States and leased to single tenants and those with high credit quality characteristics like government entities. OPI is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq:RMR), an alternative asset management company that is headquartered in Newton, MA.