Government REIT Acquires Pennsylvania Building

PITTSBURGH-Government Properties Trust has added to its holdings here with the purchase of the new United States Citizenship and Immigration Services (USCIS) building. The Omaha-based REIT says it paid $10.4 million for the new 36,000 sf building and the 2.5 acres on which it sits. The USCIS building is fully leased by the federal government under a modified gross lease that runs through February 2014. The gross annualized rental income from the building is estimated at $1.2 million. The anticipated operating expenses for the property are approximately $670,000, which includes $336,000 for depreciation and amortization and $7,000 in reserves.The USCIS building is designed to be expanded by 6,000 sf. USCIS departments housed in the building include: Administrative, Investigations, Detention and Deportation, Adjudication, Inspections, and Records and Information. The building is located in the same area as the FBI regional headquarters building, which GPT also owns. Government Properties Trust acquires and manages recently built or renovated office properties primarily leased to the federal government under long-term leases. The company went public in January, offering 16.8 million shares to the public at $10 per share. The company’s share price stood at $13.03 by the end of the first day of trading. At the end of the day Wednesday, the share price stood at $10.09. In afternoon trading on Thursday, the share price stood at $9.91.