Government Properties Income Trust (NYSE: GOV) has acquired a 17-story, 187,060 sq. ft. office building in
New York-based Extell
Headquartered in Newton, Mass., Government Properties Income Trust owns properties throughout the United States that are majority leased to the U.S. government and several state government tenants. As of March 31, the real estate
Ken Hedrick of
“A single-tenant office building leased to the United Nations in the heart of Manhattan was a perfect fit for our client,” says Hedrick. “We believe this asset will be a great addition to their portfolio.”
The going-in cap rate is 7.1% based on generally accepted accounting principles. The purchase by Government Properties Income Trust was funded using cash on hand and drawings under the REIT’s revolving credit facility.