Easterly Government Properties, Inc., 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 agreed to acquire a 169,542-square foot Federal Bureau of Investigation Field Office in Salt Lake City, Utah.
Strategically located near the Salt Lake City International Airport with convenient access to highway I-80, FBI - Salt Lake City is a state-of-the-art, mission critical facility that was built to the detailed specifications and design standards of the FBI. The FBI has had a presence in Salt Lake City since 1914 and is one of 56 field offices located strategically throughout the United States. These field offices provide regional coverage for the nation’s federal criminal investigative body and intelligence agency. This Class A, LEED Gold certified, four-story single tenant facility located on a 7.5-acre campus houses the FBI’s Salt Lake City Division, which oversees federal operations in all of Utah, Idaho and Montana. Located in what has been referred to as the “crossroads of the West,” FBI - Salt Lake City acts as a regional headquarters for the Bureau and directs 18 satellite offices, also known as resident agencies, located throughout the three surrounding states. This build-to-suit construction was completed in 2012 and is 100% occupied by the FBI through October 2032 for a total initial, non-cancelable lease term of 20 years.
“Remaining true to our stated goal of building a portfolio of Class A real estate leased to the U.S. Government, we feel FBI - Salt Lake City fits squarely within our stated acquisition universe, or ‘bullseye’ as we like to call it,” said William C. Trimble, III, Easterly’s CEO. “This acquisition brings us even closer to achieving a portfolio that is 100% leased to the U.S. Government, all backed by the full faith and credit of the United States.”
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 $8.8 billion, based on fiscal year 2016 data.
The FBI - Salt Lake City field office meets the Interagency Security Committee, or “ISC” Level IV requirements and features a secured 100-foot setback with designated public, restricted and security buffer zones. The campus features both public and secure spaces, modernized technology, a sophisticated security system, a restricted visitor screening facility, metal blockades to restrict automobile traffic, and perimeter fencing. These security features are designed to enhance the FBI’s ability to protect Americans from national security and criminal threats by increasing its efficiency and capability to collaborate with federal, state and local partners.
“We feel this accretive acquisition, specifically built for a highly important U.S. Government security organization, serves as a hallmark of the Easterly portfolio,” said Darrell Crate, Easterly’s Chairman. “Stable cash flow, a young, mission-critical building, and U.S. Government tenancy serve as the foundation for a great Easterly acquisition. FBI - Salt Lake City categorically meets these investment criteria.”
Easterly Government Properties now owns seven of the 56 FBI field offices, making Easterly the single largest private owner of FBI field offices in the country.
Supplemental information on the Company’s acquisition of FBI - Salt Lake City, including certain pro forma metrics, are contained in an updated Investor Presentation that can be found on the Company’s Investor Relations website at ir.easterlyreit.com.