The Federal Bureau of Investigation office in Rapid City, South Dakota is a 16,883 square foot single-tenant, high security facility serving an essential purpose in law enforcement and intelligence operations for the Department of Justice, with a new, first-generation 15-year firm federal government lease with no cancellation rights.
Rapid City FBI features finish-to-suit construction that was completed in 2019 according to the specific requirements of the tenant, with additional improvements including all new HVAC, electrical, and plumbing systems and a new standing-seam metal roof. The FBI invested significant funds in this location with over $2.5 million in tenant improvements, demonstrating their commitment to the site.
This project was a comprehensive redevelopment of an existing building and is a relocation and expansion of the previous FBI office in Rapid City, formerly housed in a multi-tenant office building. The building was designed and constructed to achieve LEED-CI Silver certification from the U.S. Green Building Counsel. The current lease includes 3,174 square feet of “free” space which may provide future upside at lease renewal.
Rapid City FBI features a first-generation U.S. General Services Administration (GSA) lease that is firm for the duration of the 15-year term, with no cancellation rights. The lease is guaranteed by the full faith and credit of the United States of America, which has a credit rating of Aaa from Moody’s Investor Services and offers unrivaled income security. The GSA has a long-standing reputation as a tenant with one of the highest possible renewal probabilities in the commercial real estate industry. Historical data published by the GSA regarding their portfolio of over 8,000 leases nationwide reflects a retention rate which typically exceeds 95%.
As one of 14 resident agency offices operating under the Minneapolis Field Office, the Rapid City FBI facility plays an essential role in the federal law enforcement process, with jurisdiction in the counties of Bennett, Butte, Custer, Fall River, Harding, Jackson, Lawrence, Meade, Pennington, Perkins, and Shannon. The Rapid City FBI office works with government and private partners on a local, state, federal, tribal, and international level to directly support investigations and operations and to provide assistance to victims in the criminal justice process. The property is strategically located within five miles of the Federal Building and U.S. District Court in downtown Rapid City, and within eight miles of Rapid City Regional Airport.