{"id":1004113378,"date":"2015-02-13T08:05:49","date_gmt":"2015-02-13T16:05:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004113378"},"modified":"2022-12-07T06:48:30","modified_gmt":"2022-12-07T14:48:30","slug":"potential-new-reit-enters-ipo","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/potential-new-reit-enters-ipo\/","title":{"rendered":"Potential New REIT Completes IPO"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

\"Easterly<\/a>

Easterly Government Properties Bell Ring<\/p><\/div>\n

Roughly six weeks after filing a registration for its proposed initial public offering of shares of common stock, Easterly Government Properties Inc. has completed its IPO with gross proceeds totaling $207 million.<\/p>\n

Easterly had offered 13.8 million shares at $15.00 per share, with Citigroup, Raymond James and RBC Capital Markets acting as joint bookrunners. The company, which plans to qualify as a REIT, will utilize the proceeds predominantly for the repayment of indebtedness and certain fees and expenses, as well as for general corporate purposes.<\/p>\n

The government is not a bad tenant. The U.S. General Services Administration is the largest public real estate organization in the U.S.–overseeing a portfolio of 1,500 government-owned buildings encompassing more than 350 million <\/b>square feet–and is tasked with securing space on behalf of federal agencies through the construction and leasing of properties.\u00a0Presently the GSA occupies space under 8,100 leases.<\/p>\n

Easterly enters the world of public REITs with a fully leased portfolio of 29 assets, 26 of which total 1.8 million square feet and are leased primarily by the GSA.\u00a0The group of office, industrial, laboratory and courthouse properties was created through contributions from Easterly Partners and Western Devcon when, as noted on Easterly\u2019s website, the two companies \u201cseeing the wealth of opportunities in the GSA-leased space,\u201d joined forces to form the REIT in 2014.<\/p>\n

Among the REIT\u2019s long list of government tenants are the Drug Enforcement Agency and the Federal Bureau of Investigation,\u00a0to name just a couple. Properties in the portfolio include Randolph Square in Arlington, Va., a 190,000-square-foot building occupied by the U.S. Patent and Trademark Office. Easterly Partners acquired the nine-story Class A tower, located at 2800 S. Randolph St., from Invesco Real Estate in early 2014 for $56.3 million. The two-building 190,000-square-foot office complex on Masthead St. in New Mexico<\/span> <\/a>is also part of the group of assets contributed by Easterly Partners. Occupied in its entirety by the U.S. Forest Services, the complex had been owned by Titan Development until Easterly Partners purchased it in 2011.<\/p>\n

The group of office, industrial, laboratory and courthouse properties was created through contributions from Easterly Partners and Western Devcon when, as noted on Easterly’s website, the two companies “seeing the wealth of opportunities in the GSA-leased space,”\u009d joined forces to form the REIT in 2014.<\/p>\n

All the world loves a solid net-lease tenant, so Easterly certainly has competition in the bid for government-occupied properties. According to commercial real estate services firm Colliers International\u2019s\u00a0 2014 list of the top GSA property owners, Government Properties Income Trust leads the pack with nearly 6.2 million square feet of GSA-leased space, and HPI closes the ranking in the number 10 spot with approximately 1.6 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ladies and gentlemen, there’s a new REIT around the block and it’s a government entity.<\/p>\n","protected":false},"author":969,"featured_media":1004113382,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742],"tags":[],"class_list":["post-1004113378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest"],"acf":[],"yoast_head":"\nPotential New REIT Completes IPO - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/potential-new-reit-enters-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Potential New REIT Completes IPO\" \/>\n<meta property=\"og:description\" content=\"Ladies and gentlemen, there's a new REIT around the block and it's a government entity.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/potential-new-reit-enters-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-02-13T16:05:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T14:48:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Michael_Ibe_Bill_Trimble_Darrell_Crate_Easterly_Gov_Properties_Rings_Opening_Bell_on_NYSE.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/potential-new-reit-enters-ipo\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/potential-new-reit-enters-ipo\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Potential New REIT Completes IPO\",\"datePublished\":\"2015-02-13T16:05:49+00:00\",\"dateModified\":\"2022-12-07T14:48:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/potential-new-reit-enters-ipo\\\/\"},\"wordCount\":461,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/potential-new-reit-enters-ipo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/02\\\/Michael_Ibe_Bill_Trimble_Darrell_Crate_Easterly_Gov_Properties_Rings_Opening_Bell_on_NYSE.jpg\",\"articleSection\":[\"Investment\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/potential-new-reit-enters-ipo\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/potential-new-reit-enters-ipo\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/potential-new-reit-enters-ipo\\\/\",\"name\":\"Potential New REIT Completes IPO - 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