Thanks, Darrell, and good morning. Thank you for joining us for our first quarter earnings call. The acquisitions team continued its elevated acquisition phase for the closing of a bullseye portfolio of Class A real estate leased to the United States federal government. The free building approximately 177,000 square foot portfolio is comprised of some of the government’s most important tenant agencies, including the Federal Bureau of Investigation, the U.S. Attorney’s Office, and the U.S. Immigration and Customs Enforcement Agency. This LEED Certified portfolio is entirely build-to-suit and operating under its first generation lease terms. FBI Knoxville is a 99,000 square foot leased LEED Certified build-to-suit property completed in 2010 and leased until August of 2025 for the initial 15-year lease term. FBI Knoxville is one of 56 field offices of the FBI, a bureau level federal agency within the U.S. Department of Justice, which serves a dual role as both a federal criminal investigative body and an intelligence agency. With this acquisition Easterly now owns 12 of the FBI’s field offices. USAO Louisville of 60,000 leased square foot build-to-suit property completed in 2011 is leased through December of 2031 by the GSA on behalf of the U.S. Attorney’s to the Western District of Kentucky, which serves as the main U.S. Attorney Office for this district located directly across the street from the Gene Snyder U.S. Federal Courthouse, USAO Louisville houses the U.S. Attorney’s Office for the Western District of Kentucky. And finally, ICE Louisville, a LEED Silver built-to-suit office facility completed in 2011 has leased through May 2021 to the GSA on behalf of the agency. The 17,420 foot leased square foot office facility works in close cooperation with other customs agencies within the interior of our country and provides critical administrative support for efforts such as customs, trade and immigration. Further just recently announced and subsequent to quarter end, Easterly purchased another built-to-suit mission critical facility for the U.S. Attorney’s Office in Springfield, Illinois. USAO Springfield, a three-story Class A facility for the Department of Justice Attorney’s Office for the Central District of Illinois was constructed in 2002 and is 100% lease to the GSA on behalf of the USAO for 20-year lease, which is not inspired until March of 2038. With 40% of our targeted $200 million of acquisitions for 2021 already completed, we are as stated on our previous call, seeing a lot of promising opportunities in our universe and we’ll continue to drive towards adding accretive opportunities in both marketed and off market transactions.
Our acquisitions team is constantly sourcing new high quality opportunities that mirror our average portfolio building size and help drive FFO growth. We achieved scale and growth through a highly disciplined acquisition process that targets buildings leased to a single tenant of the U.S. federal government that are often the result of a design build award and they’re usually over 40,000 square feet in size.
As mentioned previously in our targeted universe, we know and have already underwritten every property that fits into our bullseye for acquisition.
Another source of growth at Easterly comes from our development program.
We continue to make progress with the GSA and the FDA at the 162,000 square foot FDA laboratory in Atlanta, Georgia, which we expect to deliver in the third quarter of 2023, given the highly technical mission critical nature of these sophisticated laboratories. We appreciate the opportunity to work so harmoniously with our federal partners to ensure we deliver a state-of-the-art facility.
In addition to FDA’s letter, our team led by Mike Ibe and Mark Bauer are currently pursuing other opportunities that fit our non-speculative development pipeline.
Turning to leasing updates.
Our asset management team made great strides in the first quarter of 2021 as we renewed the lease at ICE Pittsburgh for a 10-year term that will go into effect in 2022 and will not expire until 2032.
We also renewed the Treasury Parkersburg facility for a new 20-year term commencing in March of 2021 and expiring in 2041. The DEA Laboratory in Sterling, Virginia renewed for another 15-year term, as well as the DEA Bakersfield facility for another 17-year term. In total, this represents four renewals, approximately 270,000 square feet or 3.1% of the total portfolios annualized leased income that renewed in the first quarter of 2021.
Finally, we remain fully committed and focused on our ESG efforts, ensuring we deliver meaningful progress for our shareholders, employees, our Board of Directors and the communities in which we serve. We welcome those on the call today to soon visit our corporate responsibility website and review our commitments and what will be our newly amended, environmental sustainability, social responsibility and human rights policy, as well as our inaugural vendor code of conduct. In closing, we are off to a strong start in the New Year with a three building portfolio and subsequent to quarter end the acquisition of the USAO Springfield facility. From here, you can expect the Easterly team will continue to execute on its disciplined strategy, acquiring the most important assets in the federal government’s leased real estate portfolio.
We will also continue to work hand-in-hand with the GSA and underlying tenant agencies on upcoming renewals and long-term strategic planning as it relates to non-speculative development opportunities. We look forward to seeing you in person at upcoming conferences and investor meetings in the not so distant future. With that, I thank you for your time this morning, and we’ll turn the call over to Meghan to discuss the quarterly financial results.