Easterly Acquires Government Redevelopment Project
- Mar 01, 2018
Easterly Government Properties has acquired the rights to the redevelopment of a 210,373-square-foot industrial building in Tracy, Calif., which will be leased to the Federal Emergency Management Agency (FEMA). The property, already under construction, is projected to open in the second half of this year. Upon completion, FEMA will occupy the facility under the terms of a 20-year, non-cancelable lease with the U.S. General Services Administration.
The one-story warehouse, situated on more than 19 acres of land in California’s Central Valley, will include office, warehouse and refrigerated storage space. The tenant plans to utilize the building as a mission critical facility, increasing its ability to respond to disasters and support recovery efforts.
“We are pleased to welcome a new, incredibly important tenant agency to the Easterly portfolio,” said William Trimble, Easterly’s CEO, in a prepared statement. “Just a few short months ago, we all witnessed the criticality of FEMA’s mission as a series of hurricanes crippled numerous coastal regions of the country. In times of disaster, the country relies on FEMA. We are pleased to provide FEMA with the space necessary to carry out its important mission.”