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 the U.S. Government, announced today that it has agreed to acquire a 50,978-square foot Drug Enforcement Administration laboratory located in Upper Marlboro, Maryland.
DEA – Upper Marlboro is a modern, Class A laboratory 100% leased to the GSA and occupied by the DEA, which serves as the DEA’s Mid-Atlantic regional laboratory. This laboratory is one of the DEA’s seven regional and two specialized laboratories located strategically throughout the country. Specifically designed to provide scientific, technical and administrative support to various law enforcement and intelligence communities, this state-of-the-art, mission critical facility was constructed in 2002 and is in its initial 20-year lease term, which expires in 2022.
“We are pleased to grow our footprint of highly specialized laboratories occupied by the Drug Enforcement Administration,” said William C. Trimble III, Easterly’s Chief Executive Officer. “Owning young, unique mission critical facilities leased to key government agencies defines the Easterly portfolio. This acquisition fits seamlessly within that investment criteria.”
Regional laboratories, including DEA – Upper Marlboro, support DEA field offices and other law enforcement agencies through the analysis of controlled substances and latent fingerprints. Laboratory personnel also provide expert testimony in court and technical advice and support to law enforcement agencies at various crime scenes.
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“This property defines the bullseye,” said Darrell Crate, Easterly’s Chairman. “The acquisitions team once again used its definable edge in the underwriting and acquiring of U.S. Government leased assets to strengthen the Company’s portfolio of mission critical properties.”
The Company has a strong history of partnership with the DEA, both through the acquisition and development of laboratories leased to the DEA. With this acquisition and the pending acquisition of the DEA – Sterling laboratory, the Company will now own five highly technical laboratories occupied by the DEA.
Date: November 12, 2018
Source: BusinessWire
