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Easterly acquires eight properties leased to the federal government, with six more still to go

D.C.-based Easterly Government Properties Inc. (NYSE: DEA) has acquired eight properties across the country for $244 million, with plans to buy six more by the end of the year.

The eight acquired properties — located in New York, Pennsylvania, West Virginia, Illinois and Texas — total about 1 million square feet. The six properties still to come will bring the total to nearly 1.5 million square feet, at a total price tag of roughly $430 million.

Easterly said the acquisitions could grow the company’s portfolio by about 39 percent on a rentable square foot basis. The REIT acquires, develops and manages commercial properties leased to the federal government.

Two of the properties that Easterly still plans to buy include an 80,677-square-foot Food and Drug Administration lab in College Park and a 49,692-square-foot Drug Enforcement Administration testing and research lab in Sterling.

Read the full story from the Washington Business Journal.



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