FBI Tampa Field Office Sells For $71M

Easterly Government Properties has acquired a 138,000-square foot Federal Bureau of Investigation field office in Tampa, FL. 

The REIT did not provide the purchase price, but in a separate announcement Highwood Properties said it had sold the four-story property for $70.4 million.

The build-to-suit property is located on a roughly seven-acre site and is 100% leased to the General Services Administration until November 2040.

With this acquisition, Easterly now owns 13 of the 56 mission critical FBI field offices located throughout the US, according to CEO William C. Trimble, III. The REIT is the single largest private owner of FBI field offices in the country.

For Highwood, the field office was a non-core asset and its sale was part of a larger strategy.

The REIT also expects to close on the sale of its last remaining office buildings in Greensboro, which total 299,000 square feet and are 88.2% occupied, later this quarter or early in the third quarter for $20.3 million. It has also sold an 8.9-acre non-core land parcel adjacent to its One Independence office building in Tampa’s Westshore BBD for $6.9 million to a developer who plans to construct apartment units.

“With these sales, we will have sold $464 million of non-core properties since we announced our acquisition of a portfolio of office properties from PAC in mid-2021 and remain on pace to return our balance sheet to pre-acquisition metrics by the middle of 2022,” CEO Ted Klinck said in prepared remarks.