Massachusetts investment trust closes on Extell’s UN building

New York /
Jun.June 27, 2011 10:24 AM

The sale of Extell Development’s 16-story, 187,060-square-foot office building at 305 East 46th Street , between First and Second avenues, closed for $114.05 million May 27, according to public records filed last Friday. The buyer was Newton, Mass.-based Government Properties Income Trust, a real estate investment trust specializing in government tenants. This represents Government Properties’ first New York City acquisition.

As was previously reported, about 700 employees of the United Nations currently occupy the building, and will for some time, according to Gary Barnett, president of Extell, who leased the space to the UN for $50 per square foot in 2007. “They have a long term left on their lease,” he said, “so I think they’ll be there for some time.”

As for the sale of the property, Barnett said: “It was more of a core asset for us. We’re really in the development business.”

Ken Hedrick of Stan Johnson represented the buyer, and James Gross of Williamson, Picket, Gross represented Extell Development in the sale. 

Timothy Bonang, vice president of investor relations at Government Propeties, could not be immediately reached for comment. — Katherine Clarke


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
Extell Development's Gary Barnett (Credit: Getty Images and iStock)
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Central Park Tower
Extell just went public with Central Park Tower listings
Extell just went public with Central Park Tower listings
North Dakota businessman scoops up 2nd unit in Extell’s One57
North Dakota businessman scoops up 2nd unit in Extell’s One57
North Dakota businessman scoops up 2nd unit in Extell’s One57
Extell to build UES building around 2 occupant holdouts
Extell to build UES building around 2 occupant holdouts
Extell to build UES building around 2 occupant holdouts
From left: Robert Mercer with 48-05 Metropolitan Avenue and Gary Barnett with 17 West 60th Street (Getty, Google Maps, Bulado General Contractors Corp)
$730M loan bundle funds slew of NYC projects
$730M loan bundle funds slew of NYC projects
Gary Barnett and Central Park Tower at 217 West 57th Street
Why Gary Barnett is selling Central Park Tower at 25% off
Why Gary Barnett is selling Central Park Tower at 25% off
Extell Development chairman Gary Barnett and the empty lot between 79th and 80th on First Avenue (Google Maps)
Extell building 30-story medical tower on UES
Extell building 30-story medical tower on UES
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...