Easterly Government Properties, Inc. (NYSE: DEA) ("Easterly"), 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 the lease has commenced at the newly re-developed 59,690-square foot U.S. Food and Drug Administration (FDA) laboratory located in Lenexa, Kansas ("FDA - Lenexa").
As previously announced, Easterly was awarded the lease to re-develop the new FDA laboratory, one of 13 regional laboratories strategically located throughout the country. The approximately $67 million project achieved substantial completion in the third quarter of 2020, a quarter earlier than anticipated, and a 20-year lease term has commenced with the General Services Administration (GSA) for the beneficial use of the FDA.
"It was our pleasure to work alongside the U.S. Government and deliver the latest state-of-the-art laboratory for the beneficial use of the FDA," said Michael Ibe, Easterly’s Vice Chairman and EVP of Development and Acquisitions. "Even with a challenging COVID-19 backdrop, Easterly not only maintained but accelerated its schedule and delivered a mission critical space to this highly important government agency with a brand-new 20-year lease."
The FDA - Lenexa laboratory is a relocation of the former Kansas City District Laboratory and features a number of upgraded capabilities in order for the FDA to effectively conduct its mission. With a significant increase in size over its former location, the new state-of-the-art laboratory offers services through the following laboratory sections: the Total Diet and Pesticides Research Center (TDPRC), Pesticides analysis, Chemotherapeutics / LC-MS Poison screening, Mycotoxins analysis, Drugs and Dietary Supplements analysis, Dioxins analysis, Metals / Elemental Specialization analysis, and Laboratory Administration.
"Mike Ibe and his development team have mastered the art behind the procurement, design, construction and delivery of superior laboratory space for the United States Government," said Meghan Baivier, Easterly’s Chief Financial and Operating Officer. "We believe the team’s ability to effectively execute and ultimately deliver accretion to our shareholders through a re-development project like this is second to none."
FDA - Lenexa is the second FDA re-development project in the Easterly portfolio, following last year’s delivery of FDA - Alameda and preceding the anticipated future delivery of FDA - Atlanta.
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.
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Easterly Government Properties, Inc.
Lindsay S. Winterhalter
Vice President, Investor Relations & Operations