Vanbarton buying the UN-leased Albano Building for $117M

Organization weighing whether to renew its lease for the entire property

TRD New York /
Apr.April 11, 2018 06:46 PM

Richard Coles in front of Albano Building

The Vanbarton Group is picking up the Albano Building, a Midtown East property entirely leased to the United Nations, for $117 million, The Real Deal has learned.

The Midtown-based real estate investment firm, led by Richard Coles and Gary Tischler, signed a contract earlier this week to acquire the 16-story, 187,000-square-foot building at 305 East 46th Street, sources said.

The UN is considering whether to exercise a five-year option, which becomes available in the third quarter of this year, to renew its lease, sources said. The intergovernmental organization signed a short-term renewal last summer after its 10-year lease expired.

Shortly after that renewal, the owner, the Government Properties Income Trust, put the building on the market for sale. The Massachusetts-based real estate investment trust has owned it since 2011, when it bought it from Extell Development for $114 million.

If the UN decides against exercising the option later this year, it’s unclear what Vanbarton would plan for the property.

An Eastdil Secured team is representing the seller in the deal. Eastdil is also brokering Silverstein Properties’ purchase of ABC’s Upper West Side campus for north of $1 billion and SL Green Realty’s sale of 1745 Broadway’s office condominium for $633 million.

Vanbarton and Eastdil declined to comment, and a representative for the REIT could not be reached.

Vanbarton recently bought the Vogue building for about $320 million and completed an office-to-residential conversion at 180 Water Street.

Related Articles

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

729 Seventh Avenue (Credit: Google Maps)

Lawyer argued façade was safe 3 months before fatal accident

Bill Ackman, LeBron James, and Arnold Schwarzenegger with 787 11th Avenue (Credit: Google Maps and Getty Images)

Celebrity property group caught in $11M construction dispute

Renderings of The William Vale and Denizen Bushwick (Credit: iStock)

All Year’s rating outlook turns negative as bondholders reject two amendments

RXR CEO Scott Rechler and an aerial view of the site (Credit: Getty Images, Google Maps)

RXR plans 21-story LIC office building with manufacturing incentives