Shimizu Realty Development has closed on its acquisition of 305 East 46th Street from the Vanbarton Group for $152 million. The office building spans 187,000 SF and is entirely leased to the United Nations.
- Acquisition Financing: The buyer secured a $84 million loan from Sumitomo Mitsui Banking Corporation to close the deal.
- Worth Noting: Real Estate Alert noted that the deal traded at slightly under a 5 cap.
- Flashback: Vanbarton paid $118.5 million for the asset in 2018. At the time, the UN had a five-year option on the lease, which the investor simply renegotiated to expire in 2027.