NEWTON, Mass.--(BUSINESS WIRE)--Government Properties Income Trust (NYSE: GOV) today announced that it has acquired a building with approximately 187,060 square feet located in New York City that is 100% leased to the United Nations.
The acquisition price is approximately $114 million, excluding acquisition costs, and the going in GAAP cap rate is 7.1%. The purchase was funded by using cash on hand and drawings under GOV’s revolving credit facility.
Government Properties Income Trust is a real estate investment trust, or REIT, which owns properties located throughout the United States which are majority leased to the U.S. Government and several state government tenants. As of March 31, 2011, GOV owned 58 properties with 7.1 million rentable square feet. GOV is headquartered in Newton, Massachusetts.
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