Easterly Government Properties, Inc., a fully integrated real estate investment trust focused primarily on the acquisition, development and management of Class A commercial properties leased to the U.S. Government and its adjacent partners, announced the acquisition of a 138,125 square foot facility in Greenwood Village, Colorado. The property is 100% leased to York Space Systems.
York Space Systems specializes in the mass production of standardized small satellite platforms, notably the S-Class satellite bus, which enables significant cost reductions and faster deployment times compared to traditional, custom-built satellites. York is one of several industry partners of the U.S. Space Development Agency (SDA). York - Greenwood was renovated-to-suit for York Space Systems in 2020 and includes clean rooms dedicated to the production of satellites and satellite components. The lease is structured as a triple net lease with annual escalations and expires in 2031. Prior to expiration, York Space Systems will have the option to extend the lease for 10 years at market terms.
This acquisition comes amid rising demand for secure, specialized facilities that support U.S. defense and space priorities. With the growing importance of standardized satellite platforms and long-term leases with established defense tenants, assets like York - Greenwood represent an attractive market opportunity for Easterly in the government adjacent space.
“This acquisition demonstrates our strategy of investing in mission-critical assets that directly support the U.S. Government and its most essential partners,” said Darrell Crate, President & CEO of Easterly. “With growing demand for specialized facilities supporting U.S. defense and space partners, this state-of-the-art property leased to a leading satellite manufacturer strengthens our portfolio and highlights our commitment to stable growth and national security.”
With this acquisition, Easterly owns, directly or through the Company’s joint venture, 103 properties totaling 10.3 million square feet.