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Easterly Government Properties Nears Full Disposition of 10-Property Portfolio for $205M
Washington, DC-based Easterly Government Properties, Inc. — a real estate investment trust focused primarily on the acquisition, development and management of Class A commercial properties leased to US government agencies — has sold nine and has agreed to sell another of its primarily government-leased assets for a combined $205.3 million.
The portfolio’s attributes include:
- 10 buildings totaling approximately 668,000 leased square feet with a weighted average age of 14.0 years
- 99% leased to the U.S. Government with a weighted average remaining lease term 7.9 years
The portfolio’s properties include:
- 149,110 leased-square-foot two-building office occupied by the US. Department of the Interior in Billings, MT (expected to close December 22)
- 101,285 leased square foot office occupied by the Defense Health Agency in Aurora, CO
- 115,650 leased square foot office occupied by the U.S. Department of Energy in Lakewood, CO
- 80,677 leased square foot laboratory occupied by the Food and Drug Administration in College Park, MD
- 75,000 leased square foot laboratory occupied by the Occupational Safety and Health Administration in Sandy, UT
- 25,369 leased square foot office predominately occupied by U.S. Immigration and Customs Enforcement in Pittsburgh, PA
- 33,000 leased square foot office occupied by Customs and Border Protection located in Sunburst, MT
- 30,000 leased square foot outpatient facility occupied by the Department of Veterans Affairs (VA) and located in Baton Rouge, LA
- 30,000 leased square foot office occupied by Military Entrance Processing Command in Jacksonville, FL
- 27,569 leased square foot office occupied by the Health Resources and Services Administration in Baton Rouge, LA
“The sale of these assets provides Easterly with the opportunity to recycle capital and further refine the balance sheet as the investment backdrop continues to evolve,” said William C. Trimble, III, Easterly’s CEO.
Easterly owns, directly or through its JV, 85 properties totaling 8.4 million square feet.
- ◦Sale/Acquisition
