Easterly Government Properties, Inc. (DEA), a fully integrated real estate investment trust focused primarily on the acquisition, development and management of Class A commercial properties leased to U.S. Government agencies, announced today that it has acquired a 137,679-square foot Federal Bureau of Investigation (FBI) Field Office in New Orleans, Louisiana (“FBI - New Orleans”).
FBI - New Orleans is a four-story single tenant facility located on a 6.6-acre site chosen by the government that houses the FBI’s New Orleans Division, which oversees federal operations in all of Louisiana, including six satellite offices in Baton Rouge, Alexandria, Lafayette, Lake Charles, Monroe and Shreveport. This build-to-suit construction was originally completed in 1999 and renovated in 2006 and is 100% occupied by the FBI until August 2029 under a non-cancelable remaining lease term of 10 years. Additionally, the GSA has an option to renew the lease for an additional 10-year term, expiring in 2039.
Serving under the jurisdiction of the Department of Justice, the FBI provides primary domestic intelligence, investigative and law enforcement services on behalf of the United States. The FBI protects and defends the nation against such threats as terrorism, political corruption, white-collar crime, organized crime, cyber-attack and violent crime. As a member of the U.S. Intelligence Community and the leading arm for U.S. counterterrorism, counterintelligence, and criminal investigations, the FBI employs approximately 35,000 people and has an annual budget totaling approximately $9.2 billion, based on fiscal year 2019 data.
The FBI - New Orleans field office meets the Interagency Security Committee, or “ISC” Level IV requirements and includes a number of security features, including a security crash traffic barrier, 24/7 security, a visitor screening center, and bullet resistant interior walls, doors, and roof.
“Owning a mission critical building with cash flows backed by the full faith and credit of the U.S. Government is the exact way we look to grow the portfolio,” said William C. Trimble, III, Easterly’s CEO. “Accretive acquisitions like FBI - New Orleans define the growth strategy for Easterly.”
Easterly Government Properties now owns nine of the 56 FBI field offices and is the single largest private owner of FBI field offices in the country.
About Easterly Government Properties, Inc.
Easterly Government Properties, Inc. (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 primarily 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 28, 2019. 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.