OPI Inks 2 Boise Office Renewals

The government agencies will continue to occupy more than 150,000 square feet at the REIT's suburban buildings for the next 10 years.
1387 S. Vinnell Way. Image courtesy of The RMR Group

Office Properties Income Trust and The RMR Group have signed two 10-year, full-building lease renewals with government agencies at the REIT’s Natural Resource Center in Boise, Idaho. The agreements span 150,551 square feet at the two suburban properties. FD Stonewater represented the landlord in the transaction. 

The buildings—located 6 miles west of downtown Boise at 1249 and 1387 S. Vinnell Way—have 59,696 and 90,855 square feet, respectively. OPI acquired the properties from JPMorgan Asset Management in late 2012 as part of a larger, $32.4 million portfolio deal according to Yardi Matrix.

The two- and three-story buildings are home to a range of government tenants, including the Social Security Administration, the Bureau of Land Management and the Occupational Safety & Health Administration. Amenities include fitness centers with locker rooms and showers, and parking is available at a ratio of 3.5 spaces per 1,000 square feet.

The properties are south of the intersection of interstates 84 and 184, a short distance north of the Overland Road retail corridor and across the street from a Walmart. The Sundance Co.’s 45-acre Blackeagle Center business park is less than 1 mile west.

The RMR Group manages both properties. In November, OPI traded three suburban Maryland office assets—also operated by RMR—in a nearly $62 million deal.