Easterly Government Properties, Inc. (NYSE: DEA) (the “Company” or “Easterly”), a fully integrated real estate investment trust focused primarily on the acquisition, development and management of Class A commercial properties leased to the U.S. Government, announced today that it has acquired a 176,550 leased square foot portfolio of three U.S. Government-leased properties. The three-building portfolio is comprised of:
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FBI - Knoxville is a 99,130 leased square foot LEED Certified build-to-suit property completed in 2010 and leased until August 2025 for an initial 15-year term (Photo: Business Wire)
- Federal Bureau of Investigation (FBI) field office in Knoxville, Tennessee (“FBI - Knoxville")
- U.S. Attorney’s Office (USAO) facility in Louisville, Kentucky (“USAO - Louisville")
- U.S. Immigration and Customs Enforcement (ICE) office in Louisville, Kentucky (“ICE - Louisville”)
“This was a wonderful acquisition opportunity for Easterly,” said William C. Trimble, III, Easterly’s Chief Executive Officer. “We are able to grow the Company’s total enterprise through the purchase of an attractive portfolio of three LEED Certified, build-to-suit mission critical facilities with first generation leases. We are delighted to welcome these important, bullseye facilities into our growing portfolio.”
FBI - Knoxville
FBI - Knoxville is a 99,130 leased square foot LEED Certified, built-to-suit property completed in 2010 and leased until August 2025 for an initial 15-year firm term. FBI - Knoxville is one of 56 field offices of the FBI, a bureau level federal agency within the U.S. Department of Justice, which serves a dual role as both a federal criminal investigative body and an intelligence agency. FBI - Knoxville’s geographic reach spans 41 counties and includes oversight of three FBI resident agencies located throughout the state of Tennessee. The property possesses a number of security features including reinforced fencing, a visitor screening facility and secondary entrance guard booth, vehicle barriers and a secured parking garage, ballistic glass windows and redundant power systems.
USAO - Louisville
USAO - Louisville, a 60,000 leased square foot built-to-suit property completed in 2011, is leased through December 2031 by the GSA on behalf of the US Attorney for the Western District of Kentucky, which serves as the main US Attorney office for this District. There are 93 United States Attorneys located throughout the United States. USAO - Louisville, located directly across the street from the Gene Snyder U.S. Federal Courthouse, houses the U.S. Attorney’s Office for the Western District of Kentucky, based within the largest city of the state and encompassing an area of responsibility for 53 counties, two military installations, and over half of Kentucky’s 4.5 million population. This office is responsible for prosecuting federal crimes that occur within the District including offenses such as terrorism, child exploitation, violent crime, financial fraud, human trafficking and public corruption. The office also defends the United States in civil lawsuits and seeks to recover assets from fraud committed against the United States. The LEED Silver facility includes security features including perimeter fencing, controlled access, bollards, paned security windows, secure garage parking and separate exterior parking for visitors.
ICE - Louisville
ICE - Louisville, a LEED Silver, built-to-suit office facility completed in 2011, is leased through May 2021 to the GSA on behalf of ICE. The 17,420 leased square foot office helps with the agency’s core mission of criminal and civil enforcement of federal laws governing border control, customs, trade and immigration. Immigration enforcement remains the largest single area of responsibility for ICE. Executing this mission requires close cooperation with U.S. Customs and Border Protection, U.S. Citizenship and Immigration Services, and others. While this requires significant ICE assets near the border, the majority of immigration enforcement work for ICE takes place in the country’s interior. The facility features secure perimeter fencing, secure parking, redundant power and an underground vault.
FBI - Knoxville and USAO - Louisville have 25,850-square feet and 19,456-square feet, respectively, of potential expansion space for the underlying tenant agencies' future needs. These build-to-suit facilities were constructed with this expansion space in mind. Easterly’s acquisition value was predicated on the current leased square footage across the portfolio. With this portfolio acquisition, Easterly now owns 82 properties totaling 7.5 million leased square feet.
About Easterly Government Properties, Inc.
Easterly Government Properties, Inc. (NYSE:DEA) is based in Washington, D.C., and focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to the U.S. Government. Easterly’s experienced management team brings specialized insight into the strategy and needs of mission-critical U.S. Government agencies for properties leased through the U.S. General Services Administration (GSA). For further information on the company and its properties, please visit www.easterlyreit.com.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “expect,” “intend,” “project,” “anticipate,” “position,” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to those risks and uncertainties associated with our business described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed on February 24, 2021. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.
Lindsay S. Winterhalter
Vice President, Investor Relations & Operations