Easterly raises $114m for fund targeting government tenants

Easterly Partners has raised $114.4 million for its U.S. Government Properties Income & Growth Fund II, according to a filing with the SEC. The opportunistic fund launched in 2013 with a $250 million target and will invest in U.S. properties that are net-leased to federal government agencies. 

Fund II follows the same strategy as its predecessor, U.S. Government Properties Income & Growth Fund I, which was launched in 2010 by PRP, another Washington investment manager. The fund targets an aggregate portfolio valued at approximately $1 billion of class A properties fully leased to U.S. federal government agencies.

Its assets include an FBI field office in San Antonio, a federal courthouse in Texas, a Drug Enforcement Administration office building in Dallas and a regional border control station in Montana.

Easterly is a privately held real estate investment management firm based in Washington, D.C. The firm specializes in the U.S. government real estate market. In September 2013, an affiliate acquired the National Maritime Center in Martinsburg, W.Va.