A Convicted Sex Offender Was Pitched to Buy FBI and Pentagon Buildings. We Found the Emails.

On October 21, 2015, an email arrived in Jeffrey Epstein's inbox. The subject line read: "Richmond and Baltimore FBI Field Offices." The message, marked high importance, contained six attachments: slide decks, financial analyses, and program overviews. The pitch was simple. For $25 million in equity, Epstein could own two buildings where FBI agents go to work every morning.

Seven years earlier, Epstein had pleaded guilty to procuring a minor for prostitution. He was a registered sex offender in multiple states. None of that stopped the pitch. In fact, it appears to have been precisely the kind of deal his network kept bringing to him.

Six months later, a second email arrived. This one was bigger. $387 million to acquire two buildings one mile south of the Pentagon, leased exclusively to the Department of Defense since 1993. A "mission critical asset," the pitch deck called it. The third largest GSA lease in the Washington, D.C., metro area.

We found all of it in the EFTA files. The emails, the pitch decks, the term sheets, the NDAs. Every document cited in this article is in our database, searchable and readable.

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"These Are Sexy Assets"

The trail starts with Jonathan Fascitelli, a partner at International Government Properties LLC (IGP) and managing partner of Blue Atlantic Capital. On October 8, 2015, Fascitelli emailed David Stern, a London-based intermediary with deep ties to Epstein's financial operations.

The subject: "Richmond and Baltimore FBI Field Offices."

Fascitelli's opening pitch is preserved verbatim in EFTA02671775:

"David: I saw Simon this week and he mentioned that your clients are seeking US properties with more cache. I am partnered with a gentleman who created the US government lease program. We are rebuilding his portfolio after he sold off his old portfolio which was heavily financed by Middle Eastern Money. We have the opportunity to acquire FBI and Court House buildings."

Then comes the sales language:

"The returns are in the low teens, but the credit is backed by the US Government, so effectively is like a high yield bond with treasury like security. But moreover, there are a 100 or so targets, all of which my partner knows intimately. These are sexy assets."

The email is explicit about the structure. Epstein's "clientele" would become owners of FBI buildings, "structured passively through Cayman Island vehicles." The developer, the Penrose Corporation, had already joined IGP to place a response to the seller. The money needed to be committed by November 15, 2015.

Fascitelli CC'd a man named Simon Joory, identified in the email as connected to the deal sourcing. The email also references Fascitelli's partner, Al Iudicello, who, according to IGP's own materials, spent 14 years in "executive level positions" at the U.S. General Services Administration, the federal agency that manages government buildings.

That last detail matters. The man who created the government lease program was now partnering with someone pitching those same properties to a convicted sex offender.

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The Pipeline: FBI Offices and U.S. Courthouses

The October 2015 email was not speculative. It came with detailed financial analyses for both properties: "Analysis Baltimore 10 7 15.pdf" and "Richmond Analysis v2 10 7 15.pdf," plus a slide deck titled "FBI Field Offices Baltimore and Richmond v1 for J 10 7 2015.pdf." The "J" in the filename is not subtle.

David Stern forwarded the entire package to Jeffrey Epstein on October 21, 2015, with his own summary at the top of the email (EFTA02671775):

"- $25 million of equity for $80 million acquisition of two FBI buildings."

"- Pipeline that requires $75 million more right behind these first two"

"- Guy involved created the US government lease program"

"- one asset just renewed for another 15, and the other that's 5 years left is confirmed to do so."

Stern marked the email high importance. He was summarizing and selling the deal to Epstein, acting as the go-between. This is consistent with what we know about Stern's role in Epstein's operations. He appears in 7,518 documents in our database, more than almost anyone else. His own description of his role, found elsewhere in the files: Epstein's "soldier."

But the FBI buildings were just the appetizer. The earlier exchange, embedded in the forwarded thread, reveals the initial outreach. On October 7, 2015, Fascitelli had written to Stern (EFTA02390857):

"How about money for FBI buildings and US courthouses? We have two FBI buildings we want to buy and a lot more."

Stern's reply was two sentences: "Could be interesting. Can we start with the two specific ones you have in mind and can you send me details on them?"

That response set the entire chain of events in motion.

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Six Months Later: The Pentagon

On April 15, 2016, Fascitelli came back with something much larger. The subject line of the email to Stern: "RE: US Government Properties." The message was brief and direct, preserved in EFTA02390857 and its DS9 duplicate EFTA00698791:

"David, Been a while. Would any of your guys want to own buildings attached to the pentagon leased by Depart of Defense? $116 million of equity required. Information attached."

Three attachments accompanied the email: a term sheet, a mutual NDA, and an investment overview for "Pentagon Center." Stern forwarded all of it to Epstein's personal Gmail account ([email protected]) the same day.

This was not a casual inquiry. IGP had prepared a full investment package.

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The Pentagon Center: A Confidential Overview

The investment overview (EFTA00698802) is a polished document stamped "Preliminary & Confidential." It describes Pentagon Center as two office buildings in Arlington, Virginia, located one mile south of the Pentagon itself, leased solely to the Department of Defense since 1993.

The overview describes the property in language typically reserved for trophy assets:

"Located just one mile south of the Pentagon, Pentagon Center is the only property in Arlington, Virginia other than the Pentagon itself with the ability to meet the space and infrastructure needs of the DOD. Both buildings are LEED Certified."

"Highly regarded as the DOD's prime campus, Pentagon Center is a best-in-class, secure office facility. 3rd largest GSA lease in the DC metro area."

And the national security framing:

"Mission Critical Asset: Given proximity to Pentagon investment in security and infrastructure extremely high probability for future renewals likely exceeding industry average renewals of 95%."

The financial projections show effective gross income, net operating income, 70% loan-to-value financing at 4.77% interest, $271 million in debt, and annual debt service of $13 million. The overview also notes the partnership structure: a 10-year hold, 8% preferred return, 50/50 split after that, and a $2 million fully refundable deposit.

At the bottom of the document, a note about the pipeline: "Additional $250 million to deploy in next 6 months." Pentagon Center was supposed to be the beginning of a much larger relationship.

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The Term Sheet: $120 Million From "[CAPITAL PARTNER]"

The term sheet (EFTA00698793) is dated April 2016 and addressed to "[CAPITAL PARTNER]," with the name left blank. The blank space was for Epstein.

The document is titled "Summary of Terms of Acquisition of Pentagon Center" and runs three pages. It sets out the structure of the deal in precise legal language:

"IGP Investment Vehicle I ('IGP I', collectively IGP) will acquire Pentagon Center (the 'Property'). [CAPITAL PARTNER] ('PARTNER') will be a Limited Partner ('Limited Partner') providing $120 million commitment (the 'Total PARTNER Commitment') to International Government Properties LLC or its affiliate or assigns ('General Partner') to participate in IGP I (the 'Investment Vehicle')."

The key terms:

• Total commitment: $120 million (up from the $116 million mentioned in Fascitelli's email)
• Term: 10 years, with two 2-year renewal options
• Preferred return: 8% compounded annually
• Profit split: 50% to the General Partner, 50% to the Limited Partners after the preferred return
• Management fee: 0.50% per annum of cumulative purchase price
• Acquisition fee: 1.00% of purchase price
• Contract deposit: $2,000,000, fully refundable

The term sheet was prepared for signature. At the bottom:

"Sincerely, International Government Properties LLC"

"By: Name: Alphonse Iudicello, Title: CEO & Partner"

"By: Name: Jonathan D. Fascitelli, Title: Partner"

Below the IGP signatures, a signature block for "[CAPITAL PARTNER]" with blank lines for name, title, and date. Ready for Epstein to sign.

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The NDA: Formalizing the Relationship

Alongside the term sheet, IGP included a formal Confidentiality and Non-Disclosure Agreement (EFTA00698796). The NDA, running 13,500 characters, establishes the framework for IGP and the unnamed "Company" (Epstein's entity) to share confidential information about the transaction.

The document is standard institutional real estate boilerplate, which is precisely the point. IGP treated Epstein as a legitimate institutional capital partner. The NDA covers confidential information handling, permitted disclosures to representatives and advisors, return of materials, legal remedies for breach, and governing law (New York).

The NDA date is left blank. The "Company" name is left blank. Like the term sheet, it was ready to be filled in with whatever entity name Epstein chose to use.

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The Cast of Characters

David Stern

Stern is the fulcrum of these deals. He received the pitches from Fascitelli and forwarded them directly to Epstein. Our database links him to 7,518 documents, an extraordinary volume that positions him as one of the most prolific intermediaries in Epstein's financial network.

Stern operated out of London. In other documents in the files, he described himself as Epstein's "soldier." His connections extended into Chinese investment banking, Deutsche Bank, and the orbit of Steve Bannon. The FBI/Pentagon real estate deals are just one thread in a much larger web of financial activity that Stern facilitated.

The email chain shows Stern's role clearly. He did not simply pass along information. He summarized deals for Epstein, highlighted the key financial metrics, flagged urgency ("the money needs to be committed by November 15th"), and curated which opportunities reached Epstein's desk. He was a filter and an accelerant.

Jonathan Fascitelli

Fascitelli was the deal originator. His bio in the IGP investment overview (EFTA00698802) describes him as a partner at IGP and managing partner of Blue Atlantic Capital LLC, a "privately funded investment vehicle that targets a broad range of direct equity and debt investments in real estate." Previously, he worked at Colony Capital.

The overview states that Fascitelli had "relationships with a vast and broad range of capital providers with varied costs of capital, from family offices that fund BAC transactions to institutional capital providers including private equity, sovereign wealth funds and insurance companies."

Epstein, apparently, fell into the "family offices" category.

Al Iudicello

Iudicello is listed as CEO and Partner of IGP. According to the investment overview, he spent 14 years in "executive level positions" at the General Services Administration, the very agency responsible for managing the government buildings IGP was buying and selling. After leaving the GSA, he "successfully organized the first real estate fund in the United States specializing in the acquisition, aggregation and management of real estate assets leased by Government entities."

His bio claims he assembled and managed "nationwide portfolios, consisting of over 650 buildings and 23.4 million square feet of space valued at over $4 billion." He is a U.S. Air Force Academy graduate with a Georgetown Executive MBA.

The pipeline from government service to private profit to pitching a sex offender is a straight line.

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The Cayman Islands Structure

One detail in the FBI buildings pitch deserves emphasis. Fascitelli's October 2015 email (EFTA02671775) specifies that Epstein's ownership would be "structured passively through Cayman Island vehicles."

This is not unusual in institutional real estate. Offshore vehicles are common in large acquisitions for tax efficiency and liability insulation. But in this context, the structure served an additional purpose: opacity. A Cayman Islands entity would put layers between Epstein and the public-facing ownership records of FBI facilities. The buildings' federal tenants, the FBI agents and DOD personnel working inside them, would have no straightforward way to know who their landlord actually was.

The Pentagon Center term sheet (EFTA00698793) reinforces this layering. The investment vehicle is structured as a Delaware limited liability company. Epstein's entity would be a Limited Partner, meaning his involvement would not appear in public filings. IGP, as General Partner, would be the face of the ownership. The confidentiality provisions in both the term sheet and the NDA further insulate the identity of the capital source.

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What Didn't Happen (And Why It Still Matters)

We have found no evidence that either deal closed. No records in the EFTA files indicate that Epstein signed the term sheet, executed the NDA, or wired the deposit. The blank signature lines on the documents may have stayed blank.

That is not the story.

The story is that in 2015 and 2016, a registered sex offender was receiving detailed, professional-grade investment proposals to acquire buildings housing the FBI and the Department of Defense. The pitches came through an established intermediary who appears in thousands of Epstein's documents. The deals were structured to conceal the investor's identity. The deal originators included a former senior GSA official who had spent his government career managing exactly these types of properties.

No one in this chain appears to have paused to consider whether a convicted sex offender should own the buildings where federal law enforcement officers conduct investigations. Or if they did consider it, they proceeded anyway.

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The Bigger Picture: A Financial Network That Never Stopped

These documents are not anomalies. They are consistent with what the full EFTA release reveals about Epstein's post-conviction financial life: it barely changed.

After his 2008 guilty plea, after registering as a sex offender, after the public exposure, the deals kept coming. The intermediaries kept calling. The pitch decks kept arriving. The money kept moving through offshore vehicles and Delaware LLCs. The same structures that had always insulated Epstein continued to function.

David Stern's 7,518 linked documents tell that story on their own. He did not stop working with Epstein after the conviction. If anything, the volume suggests the relationship intensified. Stern was pitching FBI buildings to Epstein while Epstein remained on sex offender registries.

The FBI buildings and Pentagon Center proposals also illuminate the nature of the middlemen in Epstein's network. Fascitelli was not some marginal figure. He was a Colony Capital alumnus, a Georgetown MBA, partnered with a former senior federal official. Blue Atlantic Capital was a real firm doing real deals. IGP had a track record of managing billions of dollars in government-leased properties.

These were not people who failed to do due diligence. They were people for whom a sex offender's money was not disqualifying.

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What You Can Verify

Every document referenced in this article is available in our database:

• EFTA02671775: The "sexy assets" email (Stern to Epstein, FBI field offices, Oct 21, 2015)
• EFTA02390857: The Pentagon Center forwarded email (Stern to Epstein, April 15, 2016)
• EFTA00698791: DS9 copy of the Pentagon Center email chain
• EFTA00698802: Pentagon Center Investment Overview (Confidential)
• EFTA00698793: IGP Term Sheet ($120M commitment)
• EFTA00698796: IGP Confidentiality and Non-Disclosure Agreement

Person profiles:

• David Stern (7,518 linked documents)
• Jonathan Fascitelli
• Al Iudicello

Read the documents. Draw your own conclusions. The files speak for themselves.