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I've worked on several GSA deals as a lender on build-to-suits.
There are a fair amount of these deals that exist, but the timelines for bidding to completion for these projects (including potential appeals) are really long, so you have to be willing to wade through all the crap.
There are a few fairly large players in this arena, but the GSA likes to try and pick a local developer for projects if possible. A lot of the local developers will partner with one of the bigger ones once they win a project so they get the benefit of the experience of working with the GSA (it can be a hassle).
Thanks for the feedback! Have you seen many acquisition deals where the property is leased up already? I would assume those would be more complex, at the same token less common due to stable high credit tenants being in place.
Also do you know where I could find more info on the auctions you're referring to?
Purchasing a building with a GSA tenant isn't any easier or harder than completing any other transaction. However, I haven't seen any of the recent build-to-suits change hands, but I'm sure there are one or two out there. The GSA has moved to building separate facilities in recent years - both because they have been centralizing multiple offices in one location and looming security concerns.
The main way the GSA entices a developer to construct a project is to sign a 20 year lease after completion. All of the leases have a clause that the developer must deliver the building by a specific date or the lease can be terminated (like any build-to-suit) and will contain various government specific building standards (which is generally where a lot of people get in trouble with the bid).
Developers can easily find construction financing for these deals that are 100% LTC and permanent financing for these deals can be 95-100% LTV (the loans are usually 20/20 fully amortizing). There would be very little incentive for a developer to sell the project once they completed because they have so little equity in the deal that their ROI is off the charts and they have a tenant with AA credit.
All of the construction projects currently being bid can be found on fedbizopps.gov for the US Government. Local municipalities have their own departments that do this kind of stuff so you have to do your own research there.
Great I appreciate that info. I'll definitely research more into it. Thanks again, because I haven't been able to get any feedback on this process or opportunities, you've helped a ton.
Every month they publish their lease inventory as well so you can see what leases look like for them. Some brokerage shops do analytics on it, I think the main guy is at Colliers and names his blog Capitol Markets, which simultaneously makes me want to laugh and cry.
http://www.gsa.gov/portal/content/101840
http://www.capitolmarkets.com/
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