LAKEWOOD, CO—Easterly Government Properties, Inc. has closed on the acquisition of the 115,650-square foot government building here for $20.25 million. The Department of Energy (DOE) Western Area Power Administration (WAPA) headquarters building is Easterly's first acquisition since the close of its $207 million initial public offering on February 11.
Easterly Government Properties focuses on the acquisition, development and management of class A commercial properties that are leased to the US government. Easterly now wholly owns approximately 2.2 million square feet of office, laboratory and specialized space in 30 properties throughout the US Currently, it leases more than 1.9 million square feet to US government agencies, and derives more than 96% of its income from its US government tenants. The new acquisition represents the company's second asset in Lakewood, a major federal agency center in the Rocky Mountain region, joining another Lakewood building occupied by agencies of the US Department of Transportation.
“The Lakewood WAPA office plays a critical role within the Department of Energy, and we are pleased to add this property to our high-quality portfolio of U.S. government-leased assets,” said William Trimble, chief executive officer of Easterly Government Properties. “The Lakewood WAPA's role of marketing and delivering clean, renewable and reliable power directly aligns with our strategy of partnering with the federal government to support mission-critical government agencies and functions.”
WAPA is one of four energy marketing administrations in the U.S. that are primarily responsible for wholesale power distribution from federally-owned hydroelectric power plants to regional and local retail power distributors. The property is leased to the General Services Administration (GSA) on behalf of the DOE.
Built in 1999, the Lakewood building is a class A facility leased to the GSA on behalf of the DOE until 2029. The building is 100% occupied by WAPA and provides engineering, accounting, human resources, legal and training support to four regional offices that operate and maintain the DOE's Western Transmission System which covers a 1.3 million square mile service area.
“We continue to see strong opportunities to build our portfolio of mission-critical government-leased properties,” said Darrell Crate, chairman of Easterly Government Properties, Inc. “With available capital including more than $350 million under a revolving credit facility, we believe that we are well positioned to capitalize on these opportunities with the goal of growing earnings through accretive acquisitions in the US government-leased property market.”
Based in Washington, D.C., Easterly Government Properties, Inc. focuses on the acquisition, development and management of class A commercial properties that are leased to the US government.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
