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Acquisitions

Vanbarton Group acquires 305 East 46th Street

M&T Bank provided the acquisition financing

305 East 46th Street (Credit: CoStar)

The Vanbarton Group has closed on its acquisition of 305 East 46th Street from Government Properties Income Trust for $118.5 million. The office building spans 187,000 SF and is entirely leased to the United Nations. 

Acquisition Financing: Vanbarton secured a $61 million loan from M&T Bank to close the deal. The new loan replaces a $65 million mortgage from Anglo Irish Bank, according to CO.

Worth Noting: The very pertinent lease terms… In the third quarter of this year, the UN can exercise a five-year option.

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