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 75,000 square foot Occupational Safety and Health Administration (OSHA) laboratory in Sandy, UT.
The OSHA - Sandy laboratory is a state-of-the-art forensics lab for the testing of materials and products that have contributed to worker deaths or injuries nationwide. Established in 1970, the Occupational Safety and Health Administration, an agency within the Department of Labor, promulgates construction, maritime, agricultural, as well as “general industry” standards to protect workers from a wide range of potential workplace hazards. OSHA also maintains a compliance arm, which conducts work-site inspections throughout the country.
“Easterly is pleased to expand the portfolio to include another mission critical property and to welcome OSHA as a new tenant,” said William C. Trimble, III, Chief Executive Officer of Easterly Government Properties, Inc. “OSHA’s mission furthers the safety and well-being of our nation’s workforce, and the analyses conducted by this laboratory contribute to future workplace safety throughout the country.”
OSHA - Sandy, a built-to-suit Class A laboratory completed in 2003, is leased to the General Services Administration on behalf of OSHA with 7 years remaining on an initial 20-year lease. The lease includes two five-year renewal options with fixed rental increases, that, if exercised, would carry the lease term to 2034. The OSHA - Sandy laboratory serves the entire country, analyzes a multitude of chemicals and maintains OSHA’s on-line Chemical Sampling Information database. The property is also one of three locations nationwide which houses the Directorate of Technical Support and Emergency Management, a division which provides specialized technical support to the broader OSHA program staff.
“Easterly’s definable edge in originating and underwriting acquisitions is evident in its off-market sourcing of the OSHA - Sandy laboratory,” said Darrell Crate, Chairman of Easterly Government Properties, Inc. “OSHA - Sandy embodies the company’s targeted acquisition strategy focused on strong tenancy, mission criticality, and building superiority. It is a significant addition to our portfolio of assets with income streams backed by the full faith and credit of the U.S. Government.”
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 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 30, 2015. 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.