Easterly Government Properties Announces Agreement to Acquire 50,978 SF Drug Enforcement Administration Laboratory in Upper Marlboro, Maryland
WASHINGTON--(BUSINESS WIRE)-- Easterly Government Properties, Inc. (NYSE: DEA), 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 (DEA) laboratory located in Upper Marlboro, Maryland (“DEA - Upper Marlboro”).
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.
“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.
About Easterly Government Properties, Inc.
Easterly Government Properties, Inc. (NYSE:DEA) is based in Washington, D.C., and focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to the U.S. Government. Easterly’s experienced management team brings specialized insight into the strategy and needs of mission-critical U.S. Government agencies for properties leased to such agencies either directly or through the U.S. General Services Administration (GSA). For further information on the company and its properties, please visit www.easterlyreit.com.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “expect,” “intend,” “project,” “anticipate,” “position,” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those risks and uncertainties associated with our business described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed on March 1, 2018. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.
Easterly Government Properties, Inc.
Lindsay S. Winterhalter, 202-596-3947
Vice President, Investor Relations & Operations
Source: Easterly Government Properties, Inc.