Easterly Government Properties Completes Sale of Government-Leased Portfolio

Portfolio includes an FDA lab in College Park, Md.

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Easterly Government Properties, a REIT specializing in acquiring commercial properties leased to U.S. government agencies, has sold a 10-property portfolio for $205.3 million.

The deal was done in two parts, with nine properties sold in late October, and the final sale completed in the last days of 2022. The buyer was not disclosed.

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Among the properties was 5001 Campus Drive, an 80,677-square-foot laboratory in College Park, Md., which has housed the Food and Drug Administration for more than two decades. Easterly Government Properties had owned the building for approximately 10 years.

The FDA utilizes the space for its Center for Food Safety and Applied Nutrition, which handles critical issues related to food and cosmetics. 

Combined, the other nine properties sold in the portfolio total approximately 587,000 square feet.

The largest of these, a 149,110-square-foot, two-building complex at 2718 Montana Avenue in Billings, Mont., is fully leased to the Department of the Interior.

Two of the properties were in Baton Rouge, La., a 30,000-square-foot outpatient facility leased to the Department of Veterans Affairs, and a 27,569-square-foot building occupied by the federal Health Resources and Services Administration. 

Other properties in the sale included a 115,650-square foot building in Lakewood, Colo., leased to the U.S. Department of Energy; a 101,285-square-foot building in Aurora, Colo., leased to the Defense Health Agency; a 75,000-square-foot laboratory in Sandy, Utah, leased to the Occupational Safety and Health Administration; a 33,000-square-foot office in Sunburst, Mont., leased to Customs and Border Protection; a 30,000-square-foot office in Jacksonville, Fla., leased to Military Entrance Processing Command; and a 25,369-square-foot office in Pittsburgh leased to U.S. Immigration and Customs Enforcement.

Requests for comment from Easterly Government Properties were not immediately returned.

Keith Loria can be reached at Kloria@commercialobserver.com.