An eight-figure sale has landed the Richmond outpost of the FBI in the hands of a new owner.
Washington, D.C.-based real estate firm Easterly Government Properties made its first move into the Richmond market earlier this month with the purchase of the FBI building at 1970 E. Parham Road for $29 million.
The deal closed Dec. 9 and includes the 96,000-square-foot building and the 11.8 acres on which it sits. The property was put on the market this fall by its former owner, Australia-based Rubicon America Trust.
Easterly CEO William Trimble said the company solely purchases buildings leased to the federal government.
“The federal government is the best credit in the world,” he said.
The REIT has a particular interest in mission-critical buildings, which Trimble described as those housing “missions of the government that don’t go out of favor whether there’s a Democrat or Republican in office.”
Those include properties occupied by the DEA or the federal judiciary.
“The 56 field offices of the FBI would be at the top of that list,” Trimble said.
The FBI’s Richmond division has occupied the Parham property since 2001 and is the only tenant in the building. The bureau originally established a Richmond office in 1937, according to its website. Its local staff includes financial analysists, investigative specialists and security experts, among others.
The building was constructed in 2001 and was most recently assessed by Henrico County at $13 million. The FBI is in its 15th year of a 20-year lease on the property.
Trimble said Easterly plans to keep the building running and in great shape, but any improvements that it may need are generally done by the federal government.
“I think it’s very much in line with the newer versions of the FBI buildings, with all the features that make them ideal,” Trimble said.
This is the fourth FBI building the REIT has purchased. It also owns the field offices in San Antonio, Texas; Omaha, Nebraska; and Little Rock, Arkansas.