SSA Hearings Operations & Field Office

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Tenant

Unstated

Location

RALEIGH, NC

Price

Unstated

CAP Rate

Unstated

Lease Term

15 YEARS

Occupancy

100%

Building Size

46,782 SQ FT

Property Type

Office

Year Built

2021

Lot Size

Unstated

Status

Sold

U.S. GOVERNMENT CREDIT
Two leases for 100% of building, guaranteed by the full faith and credit of the United States of America, featuring an Aaa credit rating
and unrivaled income security

FIRST-GENERATION, LONG-TERM FEDERAL LEASES
New, first-generation leases for 15-year terms with the U.S. General Services Administration for occupancy by Social Security
Administration

2021 BUILD-TO-SUIT CONSTRUCTION
Build-to-suit construction completed in 2021, developed according to the specific requirements of Social Security Administration
and meeting strict federal standards, including 62 secured indoor parking spaces below building and new bus stop added directly in
front of facility

ESSENTIAL SSA FUNCTIONS – OFFICE OF HEARINGS OPERATIONS & FIELD OFFICE
Essential facility for Social Security Administration (SSA), housing two key agency functions: SSA Office of Hearings Operations and
SSA Field Office

RALEIGH MARKET LOCATION – RESEARCH TRIANGLE
Located in Raleigh, North Carolina, part of the Research Triangle, one of the leading markets nationally for employment, rent, and population growth, with new headline developments including Apple’s new $1 Billion Campus, a $2 billion biotech manufacturing plant for Fujifilm Dyosynth, and Kane Realty’s $1 billion North Hills Innovation District

Social Security Administration Office of Hearings Operations & Field Office Raleigh, North Carolina

The Social Security Administration Office of Hearings Operations and Field Office in Raleigh, North Carolina (Raleigh SSA OHO) is a 46,782 square foot office building that is 100% leased by the U.S. General Services Administration for occupancy by Social Security. Built-to-suit for the tenant with completion in 2021, this newly constructed facility was developed according to the specific requirements of the tenant agency and meets strict federal standards, including 62 secured indoor parking spaces below building and new bus stop added directly in front of facility.

Raleigh SSA OHO has two leases in place with the U.S. General Services Administration (GSA) for new, first-generation, 15-year lease terms. The leases are 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%.

The subject property provides essential Social Security services and functions throughout Raleigh and the surrounding region, housing the SSA Office of Hearings Operations (OHO) as well as an SSA Field Office. OHO is located on the entire second floor of the building, with the SSA Field Office comprising the entire first floor. OHO directs a nationwide field organization of administrative law judges who conduct impartial “de novo” hearings and make decisions on appealed determinations involving retirement, survivors, disability insurance and supplemental security income benefits. The Raleigh Office of Hearings services SSA adjudication hearings for twelve SSA field offices in the surrounding area (Ahoskie, Durham, Elizabeth City, Goldsboro, Greenville, Henderson, Raleigh, Roanoke Rapids, Rocky Mount, Smithfield, Washington, and Wilson) with 4,931 decisions made by the thirteen administrative law judges based at Raleigh OHO for the fiscal year ending September 2020.