The United States Department of Homeland Security, Homeland Security Investigations (HSI) office in Lakewood, Washington is a single-tenant, 9,567 square foot facility located in the Seattle metropolitan area, approximately 41 miles from downtown Seattle.
Developed as a finish-to-suit project for the U.S. Federal Government with completion in 2019 following the comprehensive renovation of an existing structure built in 2005, this facility was designed and constructed to meet the specific requirements of Homeland Security Investigations, and consists of highly secure and specialized improvements.
The property is leased for a new 15-year term via the U.S. General Services Administration (GSA) which commenced in February 2019. The lease is guaranteed by the United States of America, which has a credit rating of Aaa from Moody’s Investor Services. 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%.
HSI is a critical investigative arm of the Department of Homeland Security and is a vital asset in combating criminal organizations illegally exploiting America’s travel, trade, financial, and immigration systems. HSI has broad legal authority to enforce a diverse array of federal statutes and investigate cross-border criminal activity including financial crimes, money laundering, cash smuggling, commercial fraud and intellectual property theft, cybercrimes, human rights violations, human smuggling and trafficking, immigration, document, and benefit fraud, narcotics and weapons trafficking, transnational gang activity, export enforcement, and international art and antiquity theft.
This offering presents an extremely rare opportunity to acquire an asset leased to the U.S. Federal Government in the Seattle MSA, which is the 15th largest metro area in the United States and regarded as one of the most attractive markets in the country for real estate investments. Additionally, the state of Washington is one of seven states nationally which does not levy a personal income tax.