Washington, D.C.-based Easterly Government Properties, Inc. announced its agreement to purchase the 163,000-square-foot FBI field office building in Salt Lake City, Utah.
The Jordan Meadows commercial property sprawls over a 7.5-acre campus and is conveniently and strategically close to both Salt Lake City International Airport and the I-80. In keeping with Easterly’s strategy, the facility is 100% occupied by the governmental agency. The FBI leases the build-to-suit facility through 2032, for a total initial, non-cancelable lease term of 20 years.
5425 West Amelia Earhart Drive (courtesy of Yardi Matrix)
Completed in 2012, the four-story single-tenant facility at 5425 West Amelia Earhart Drive is LEED Gold-certified and meets the Interagency Security Committee Level IV requirements. The compound features a secured 100-foot setback with designated buffer zones, includes 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.
Easterly Chairman Darrell Crate stated: “We feel this accretive acquisition, specifically built for a highly important U.S. Government security organization, serves as a hallmark of the Easterly portfolio. 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.”
Owning 7 of the total 56 FBI field offices, Easterly Government Properties is now the largest private owner of FBI field offices in the country. In total, the REIT owns 45 commercial properties in the U.S., of which 42 are leased to U.S. Government tenant agencies, and three are leased to private tenants. Easterly’s portfolio currently encompasses roughly 3.5 million square feet of commercial space.
