Extell to sell U.N. building for $114M

Gary Barnett’s Extell Development has reached a deal to unload its 16-story office building at 305 East 46th Street, currently occupied by some 700 United Nations employees, for $114 million, Crain’s reported. The buyer, sources said, is Newton, Mass.-based Government Properties Income Trust, a real estate investment trust that specializes in government tenants and does not yet own property in New York City. Its first Manhattan acquisition, which sits between First and Second avenues, is being used by the U.N. while it renovates its landmarked Secretariat Building. The U.N. leased the space from Extell in 2007 for around $50 per square foot. [Crain’s]