Document:

EX-10.1

FIRST POTOMAC REALTY INVESTMENT LIMITED PARTNERSHIP

7200 Wisconsin Avenue

Suite 301

Bethesda, Maryland 20814

Dated as of: June 28, 2005

KeyBank National Association

127 Public Square

Cleveland, OH 44114,

Attention: John C. Scott

Wells Fargo National Association

1750 H Street, NW

Suite 4000

Washington, DC 20006

Attention: Virginia Kress

Re: Amendment No. 1 to Revolving Credit Agreement 

Ladies and Gentlemen:

We refer to the Revolving Credit Agreement dated as of November 30, 2004 (as amended and in
effect from time to time, the “Credit Agreement”), by and among FIRST POTOMAC REALTY
INVESTMENT LIMITED PARTNERSHIP, a Delaware limited partnership, and certain of its Wholly-Owned
Subsidiaries (collectively, the “Borrowers”) and KEYBANK NATIONAL ASSOCIATION, WELLS FARGO
NATIONAL BANK and the other lending institutions which may become parties thereto (individually, a
“Lender” and collectively, the “Lenders”), KEYBANK NATIONAL ASSOCIATION, as
administrative agent for itself and each other Lender (the “Agent”) and WELLS FARGO
NATIONAL ASSOCIATION, as Syndication Agent, and KEYBANC CAPITAL MARKETS, as Lead Arranger and Book
Manager. Capitalized terms used in this letter of agreement (this “Amendment”) which are
not defined herein, but which are defined in the Credit Agreement, shall have the same meanings
herein as therein, as the context so requires.

We have requested you to make certain amendments to the Credit Agreement, and you have advised
us that you are prepared and would be pleased to make the amendments so requested by us on the
condition that we join with you in this Amendment.

Accordingly, in consideration of these premises, the promises, mutual covenants and agreements
contained in this Amendment, and fully intending to be legally bound by this Amendment, we hereby
agree with you as follows:

ARTICLE I

AMENDMENTS TO CREDIT AGREEMENT

Effective as of June 28, 2005 (the “Amendment Date”), and subject to the fulfillment
of the conditions contained in Article II of this Amendment, the Credit Agreement is amended in
each of the following respects:

(a) The term “Loan Documents” shall, wherever used in the Credit Agreement or any of the other
Loan Documents, be deemed to also mean and include this Amendment.

(b) Section 2.3(c) of the Credit Agreement is hereby amended by deleting the Table set forth
therein and inserting in its place the following Table:

	 	 	 	 	 
	Table
	Applicable Margin

	 
	 	 	 	 
	Total Leverage Ratio

	 	Applicable Libor

Margin
	 	Applicable

Base Rate

Margin
	 

	 	 
	 	 
	 
	 	 	 	 
	a) less than or equal to

65% but greater than 60%

	 	

1.95%
	 	

0.25%
	 
	 	 	 	 
	c) less than or equal to

60% but greater than 55%

	 	

1.70%
	 	

0.00%
	 
	 	 	 	 
	d) less than or equal to

55% but greater than 50%

	 	

1.575%
	 	

0.00%
	 
	 	 	 	 
	e) less than or equal to

50%

	 	

1.45%
	 	

0.00%

(c) Section 9.1 of the Credit Agreement is hereby amended: (A) by deleting from the third to
last paragraph thereof the reference to “25%”; and (B) by inserting in its place the following:
“20%”.

(d) Section 9.3 of the Credit Agreement is hereby amended: (A) by deleting from the second to
last paragraph thereof the reference to “25%”; and (B) by inserting in its place the following:
“20%”.

(e) Section 10.1 of the Credit Agreement is hereby amended and restated in its entirety as
follows:

“§10.1. Consolidated Total Leverage Ratio. At any time, Consolidated Total
Indebtedness as at the last day of the applicable quarter shall not exceed 65% of Consolidated
Gross Asset Value. This covenant shall be tested quarterly as of the last day of the applicable
quarter.”

(f) Section 10.4 of the Credit Agreement is hereby amended: (A) by deleting from clause (i)
thereof the reference to “$100,000,000”; and (B) by inserting in its place the following:
“$200,000,000”.

ARTICLE II

CONDITIONS PRECEDENT TO AMENDMENT

The Lenders’ agreement herein to amend the Credit Agreement as of the Amendment Date is
subject to the fulfillment to the satisfaction of the Lenders of the following conditions precedent
on or prior to such date:

(a) Each of Borrowers shall have executed and delivered (or caused to be delivered) to the
Agent an original of this Amendment, which shall be in form and substance satisfactory to the
Lenders;

(b) The Guarantor shall have acknowledged and consented to the provisions of this Amendment;

(c) The Lenders shall have executed this Amendment;

(d) The Agent shall have received payment of an amendment fee for each Lender in an amount
equal to .05% of such Lender’s Commitment Percentage; and

(e) The Agent shall have received reimbursement for all reasonable expenses incurred by the
Agent in connection with the preparation of this Amendment, including the reasonable fees, charges
and disbursements of its counsel, or satisfactory arrangements therefore shall have been made.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

Each of the Borrowers and the Guarantor hereby represents and warrants to you as follows:

(a) Representations and Warranties. Each of the representations and warranties made
by the Borrowers and the Guarantor, as applicable, to the Agent and the Lenders in the Credit
Agreement and other Loan Documents, as applicable, was true, correct and complete when made and is
true, correct and complete on and as of the Amendment Date with the same full force and effect as
if each of such representations and warranties had been made by the Borrowers and the Guarantor on
the Amendment Date and in this Amendment, except to the extent that such representations and
warranties relate solely to a prior date.

(b) No Defaults or Events of Default. No Default or Event of Default exists on the
Amendment Date (after giving effect hereto), and no condition exists on the date hereof which
would, with notice or the lapse of time, or both, constitute a Default or an Event of Default under
the Credit Agreement.

(c) Binding Effect of Documents. This Amendment has been duly authorized, executed
and delivered to you by each of the Borrowers and the Guarantor and is in full force and effect as
of the date hereof, and the agreements and obligations of each of the Borrowers and the Guarantor
contained herein constitute the legal, valid and binding obligations of such Borrower and Guarantor
enforceable against such Borrower and Guarantor in accordance with their respective terms.

ARTICLE IV

MISCELLANEOUS

This Amendment may be executed in any number of counterparts, each of which when executed and
delivered shall be deemed an original, but all of which together shall constitute one instrument.
In making proof of this Amendment, it shall not be necessary to produce or account for more than
one counterpart thereof signed by each of the parties hereto. Except to the extent specifically
amended and supplemented hereby, all of the terms, conditions and the provisions of the Credit
Agreement and each of the other Loan Documents shall otherwise remain unmodified, and the Credit
Agreement and each of the other Loan Documents, as amended and supplemented by this Amendment, are
confirmed as being in full force and effect, and each of the Borrowers and the Guarantor hereby
ratifies and confirms all of its agreements and obligations contained therein, as applicable.

If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed
counterpart of this Amendment, and return the counterpart to the undersigned, whereupon this
Amendment, as so accepted by you, shall become a binding agreement between you and the undersigned.

Very truly yours,

	 	 	 	 	 	 	 
	FIRST POTOMAC REALTY INVESTMENT

LIMITED PARTNERSHIP

	 	

	 	 	 
	By: First Potomac Realty Trust,

its sole general partner

	 	

	 
	 	 
	By: /s/ Barry H. Bass

	 	

	 

	 	

	 
	 	 
	Barry H. Bass, Executive Vice President

and Chief Financial Officer

	 	

(Signatures continued on next page)

1

	 	 	 	 	 	 	 
	BREN MAR, LLC

	 	

	 	 	 
	By: Bren Mar Holdings, LLC,

its sole member

	 	

	 
	 	 
	By: First Potomac Realty Investment

Limited Partnership, its sole member

	 	

	 
	 	 
	By: First Potomac Realty Trust,

its sole general partner

	 	

	 
	 	 
	By: /s/ Barry H. Bass

	 	

	 

	 	

	 
	 	 
	Barry H. Bass, Executive Vice President

and Chief Financial Officer

	 	

	 	 	 

	 	 	 	 	 	 	 
	AIRPARK PLACE, LLC	 	 	 	 	 	 
	By: Airpark Place Holdings, LLC,

its sole member

	 	

	 
	 	 
	By: First Potomac Realty Investment

Limited Partnership, its sole member

	 	

	 
	 	 
	By: First Potomac Realty Trust,

its sole general partner

	 	

	 
	 	 
	By: /s/ Barry H. Bass

	 	

	 

	 	

	 
	 	 
	Barry H. Bass, Executive Vice President

and Chief Financial Officer

	 	

(Signatures continued on next page)

2

	 	 	 	 	 	 	 
	CROSSWAYS II LLC

	 	

	 	 	 
	By: First Potomac Realty Investment

Limited Partnership, its sole member

	 	

	 
	 	 
	By: First Potomac Realty Trust,

its sole general partner

	 	

	 
	 	 
	By: /s/ Barry H. Bass

	 	

	 

	 	

	 
	 	 
	Barry H. Bass, Executive Vice President

and Chief Financial Officer

	 	

	 	 	 

	 	 	 	 	 	 	 
	AQUIA TWO, LLC	 	 	 	 	 	 
	By: First Potomac Realty Investment

Limited Partnership, its sole member

	 	

	 
	 	 
	By: First Potomac Realty Trust,

its sole general partner

	 	

	 
	 	 
	By: /s/ Barry H. Bass

	 	

	 

	 	

	 
	 	 
	Barry H. Bass, Executive Vice President

and Chief Financial Officer

	 	

	 	 	 	 	 

	 	 	 	 	 	 	 
	15395 JOHN MARSHALL HIGHWAY, LLC	 	 	 	 	 	 
	By: First Potomac Realty Investment

Limited Partnership, its sole member

	 	

	 
	 	 
	By: First Potomac Realty Trust,

its sole general partner

	 	

	 
	 	 
	By: /s/ Barry H. Bass

	 	

	 

	 	

	 
	 	 
	Barry H. Bass, Executive Vice President

and Chief Financial Officer

	 	

(Signatures continued on next page)

3

	 	 	 	 	 	 	 
	WINDSOR AT BATTLEFIELD, LLC

	 	

	 	 	 
	By: First Potomac Realty Investment

Limited Partnership, its sole member

	 	

	 
	 	 
	By: First Potomac Realty Trust,

its sole general partner

	 	

	 
	 	 
	By: /s/ Barry H. Bass

	 	

	 

	 	

	 
	 	 
	Barry H. Bass, Executive Vice President

and Chief Financial Officer

	 	

	 	 	 

	 	 	 	 	 	 	 
	RESTON BUSINESS CAMPUS, LLC	 	 	 	 	 	 
	By: First Potomac Realty Investment

Limited Partnership, its sole member

	 	

	 
	 	 
	By: First Potomac Realty Trust,

its sole general partner

	 	

	 
	 	 
	By: /s/ Barry H. Bass

	 	

	 

	 	

	 
	 	 
	Barry H. Bass, Executive Vice President

and Chief Financial Officer

	 	

(Signatures continued on next page)

4

The foregoing Amendment is hereby accepted by the undersigned as of June 28, 2005.

	 
	 

	KEYBANK NATIONAL ASSOCIATION,

Individually and as Administrative Agent

By: /s/ John Scott

	 

	Name: John Scott

Title: Vice President

	 
	WELLS FARGO NATIONAL ASSOCIATION,
	Individually and as Syndication Agent
	By: /s/ Jennifer A. Dakin
	Name: Jennifer A. Dakin
	Title: Assistant Vice President

(Signatures continued on next page)

5

[Consent to Amendment No. 1 to Credit Agreement]

CONSENT OF GUARANTOR

FIRST POTOMAC REALTY TRUST (the “Guarantor”) has guaranteed the Obligations (as
defined in the Guaranty by the Guarantor in favor of the Lenders and the Agent, dated as of
November 30, 2004 (the “Guaranty”). By executing this consent, the Guarantor hereby
absolutely and unconditionally reaffirms to the Agent and the Lenders that the Guarantor’s Guaranty
remains in full force and effect. In addition, the Guarantor hereby acknowledges and agrees to the
terms and conditions of this Amendment and the Credit Agreement and the other Loan Documents as
amended hereby (including, without limitation, the making of the representations and warranties and
the performance of the covenants applicable to it herein or therein).

GUARANTOR:

FIRST POTOMAC REALTY TRUST

By: /s/ Barry H. Bass

	 	 	 	Barry H. Bass,

Executive Vice President and

Chief Financial Officer

6Exhibit 10.1 - Non-Employee Director Compensation Summary

    Exhibit
      10.1 - Non-Employee Director Compensation Summary

     

     

    [LOGO]

      
        	 	 	 	 	 	 	 	 	 
	
                Non-Employee
                  Director Compensation Summary

              
	 	 	
                 

                Base
                  Retainer

              	
                Committee
                  Lead Premium

              	
                Audit
                  Committee Member Premium

              	
                Non-Executive
                  Chairman

              	
                Sub
                  Total Cash Compensation

              	
                Restricted
                  Stock Grant Annualized

              	
                Lead/Chair
                  RS Grant

              
	 	 	 	
                Cash
                  retainer for committee chairperson

              	
                Cash
                  retainer for all Audit Committee Members - only 

              	
                Cash
                  retainer for Chairman of the Board

              	 	
                All
                  Directors

              	
                RS
                  premium for committee chairperson & chairman

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
                Director

              	
                Committee
                  other than Audit

              	
                $35,000.00

              	 	 	 	
                $35,000.00

              	
                7,000

              	 
	
                Director

              	
                Audit
                  Committee Member

              	
                $35,000.00

              	 	
                $2,000.00

              	 	
                $37,000.00

              	
                7,000

              	 
	
                Finance
                  Committee

              	
                Committee
                  Chairperson

              	
                $35,000.00

              	
                $7,000.00

              	 	 	
                $42,000.00

              	
                7,000

              	
                500

              
	
                Nominating
                  & Corporate Governance Committee

              	
                Committee
                  Chairperson

              	
                $35,000.00

              	
                $7,000.00

              	 	 	
                $42,000.00

              	
                7,000

              	
                500

              
	
                Compensation
                  Committee

              	
                Committee
                  Chairperson

              	
                $35,000.00

              	
                $10,000.00

              	 	 	
                $45,000.00

              	
                7,000

              	
                1,000

              
	
                Audit
                  Committee

              	
                Committee
                  Chairperson

              	
                $35,000.00

              	
                $15,000.00

              	
                $2,000.00

              	 	
                $52,000.00

              	
                7,000

              	
                1,500

              
	
                Chairman
                  of the Board

              	 	
                $35,000.00

              	 	 	
                $50,000.00

              	
                $85,000.00

              	
                7,000

              	
                5,000

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