Where do you go if you want to invest in government-tenanted office properties? DC, maybe, but suburban Lakewood represents one of the largest clusters of US government-occupied buildings outside of DC, Easterly Government Properties CEO William Trimble tells us. Easterly's betting big in Lakewood with its recent $20M acquisition of the 115k SF DOE Western Area Power Administration HQ property. It's the company's second property in the suburb (the other's occupied by the DOT) and its first acquisition since the close of Easterly’s $207M IPO in February.
As a specialist in government-leased space, "we'll continue to consider greater Denver as a promising source of growth for our organization,” William adds. Built in 1999, the Lakewood building is 100% leased to the GSA on behalf of the DOE until 2029, and is 100% occupied by the Western Area Power Administration to provide engineering, accounting, human resources, legal and training support to four regional offices that operate and maintain the DOE’s Western Transmission System, which covers a 1.3M-square-mile service area.
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