Connect with us

Acquisitions

Shimizu acquires 305 East 46th Street

305 East 46th Street (Credit: CoStar)

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.
Continue Reading
To Top