Canadian real-estate investment trust H&R REIT has acquired Two Gotham Center, located in New York, for $415.5 million. The center was developed and owned by the Tishman Speyer Properties in partnership with Square Mile Capital and the Modell family.
The 22-story Class A office tower consists of 661,000 rentable square feet of office space, 100 percent let out to the City of New York for an initial term of 20 years. The property is leased with contracted rental escalations of approximately 10 percent every five years.
Click here for the release from Canada Newswire.