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REIT Buying 280,000-SF EPA Building for Approximately $95M

DENVER-Government Properties Trust Inc., a real estate investment trust based in Omaha, enters into a "definitive agreement" to acquire the property. The company expects to close on the transaction when it is occupied by the EPA in late December.

By John Rebchook | Updated on April 21, 2006

DENVER-Omaha-based Government Properties Trust Inc. on Friday said it has entered into a “definitive agreement” to buy a 280,000-sf EPA building for a maximum of $95 million. The facility, currently owned by an affiliate of Opus Northwest LLC, is under construction along on a portion of the former post office annex site next to Union Station in Lower Downtown.

The sales price equates to about $339 per sf, a new record for a Downtown office building. It is approximately 16.5% higher than the $291 per sf that California-based KBS Realty Advisors paid to Continuum Partners last year for the 206,000-sf 16 Market Square.

Government Properties, a real estate investment trust that invests in single-tenant, government buildings, expects to close on the transaction when it is occupied by the EPA in late December. The General Services Administration, on behalf of the Environmental Protection Agency, has executed a 10-year lease on the building.

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