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Federal government lessees seeking to occupy high-security spaces in foreign-owned buildings will be required to obtain complete beneficial ownership and impose access restrictions on owners and property managers.
TAKEAWAYS
The Secure Federal LEASEs Act would require federal government agencies to disclose complete beneficial ownership information before leasing “high-security leased spaces” in foreign-owned buildings.
The requirements would be separate from, and, information provided to the Committee on Foreign Investment in the United States (CFIUS) in connection with reviews of covered real estate transactions.
On December 31, 2020, the President signed the Secure Federal Leases from Espionage and Suspicious Entanglements Act (“Secure Federal LEASEs Act” or “Act”), a bill that requires federal government agencies to obtain complete beneficial ownership information before leasing certain “high-security