Government Properties Income Trust, an REIT owning properties throughout the United States that are majorly leased to the government, has acquired the New York City building leased to the United Nations for $114 million according to a Bloomberg report. The 16-story property at 305 E. 46th St. was sold by Extell Development Corp. and the transaction was brokered by Stan Johnson Company and Williamson, Picket, Gross Inc.
"This property fits well within our business strategy of owning buildings leased to the government," said David Blackman, president and chief operating officer of Government Properties Income Trust. "We like it because of its Manhattan location and we believe that the UN will stay in this building long term."
The property, also known as the Albano Building, contains 187,060 square feet that is 100% leased to the United Nations per a deal inked in 2007. The building was designed by Frank S. Parker and built in the early 1950s, undergoing extensive renovations in recent years.
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