Easterly Government Properties JV acquires $636m portfolio

Easterly Government Properties has formed a joint venture with one of the preferred leading global investors. The joint venture will serve as the investment vehicle for the acquisition of an anticipated 1.21 million leased square foot portfolio of 10 properties (VA Portfolio) expected to close on a rolling basis by the end of 2023. The portfolio properties are 100 percent leased to the Department of Veterans Affairs (VA), and were acquired for a purchase price of approximately $635.6 million under predominately 20-year firm term leases.

The Easterly joint venture will retain a 47 percent stake in the joint venture, and Easterly will retain a 53 percent stake in the joint venture.

The 100 percent build-to-suit VA Portfolio is entirely comprised of state-of-the-art, class A Green Globe Certified facilities, either recently delivered or under construction. The joint venture closed on the acquisition of two of the 10 properties in the VA Portfolio, which are currently oper