A Deal that ‘Defines the Bullseye’ for Easterly Government Properties
The 50,978-square-foot building— 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.
UPPER MARLBORO, MD—Easterly Government Properties has agreed to purchase the Drug Enforcement Administration’s laboratory facility here.
The 50,978-square-foot building— 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. The 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, the state-of-the-art, mission critical facility was constructed in 2002 and is in its initial 20-year lease term, which expires in 2022.
No financial terms of the transaction were reported.
“This property defines the bullseye,” says Darrell Crate, Easterly’s chairman. “The acquisitions team once again used its definable edge in the underwriting and acquiring of US government-leased assets to strengthen the company’s portfolio of mission critical properties.”
“We are pleased to grow our footprint of highly specialized laboratories occupied by the Drug Enforcement Administration,” adds William C. Trimble III, Easterly’s CEO. “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.
With the acquisition and the pending purchase of the DEA – Sterling (VA) laboratory, the Washington, DC-based REIT will now own five highly technical laboratories occupied by the DEA.
The purchase of the DEA-Sterling VA facility was announced in June, part of a deal to acquire a 1.5-million-square foot portfolio of 14 assets for $430 million.