American Realty Capital New York Recovery REIT to Buy Equity Interest in
NYRR Portfolio Should Reach $1.6 Billion of Assets, Comprised of 22
High-Quality New York Properties, Including This Transaction and Previously
NEW YORK, Oct. 15, 2013
NEW YORK, Oct.15, 2013 /PRNewswire/ --American Realty Capital New York
Recovery REIT, Inc. ("NYRR") announced today that is has entered into an
agreement to acquire a 48.9% equity interest in Worldwide Plaza, located on
Eighth Avenue, between 49^th and 50^th Streets in Manhattan. The sellers,
George Comfort & Sons and RCG Longview, will retain the remaining 51.1% equity
interest. NYRR expects to acquire its 48.9% equity interest in this
world-class Manhattan office tower for $220.1 million, exclusive of closing
(Logo: http://photos.prnewswire.com/prnh/20120807/NY53656LOGO )
Worldwide Plaza was built in 1989 and is comprised of a 49-story office
building containing approximately 1.8 million square feet of office space,
approximately 30,000 square feet of retail space, a five-stage off-Broadway
theater, an approximately 38,000 square foot fitness center and a parking
garage providing 475 parking spaces. Worldwide Plaza is 91% leased to a number
of large credit tenants and 82% of its rents come from Nomura Holding America,
Inc. and Cravath, Swaine & Moore LLP, a top global law firm. Nomura Holding
America, Inc. is the American subsidiary of Nomura Holdings, Inc. (NYSE: NMR),
an entity which carries an investment grade credit rating as determined by
major credit rating agencies.
Combining Worldwide Plaza with NYRR's existing property portfolio and recently
announced acquisitions under agreement would result in a total of 22
properties with a purchase price for approximately $1.6 billion, exclusive of
Michael A. Happel, Chief Investment Officer of NYRR, noted, "Worldwide Plaza
is an important addition to our Manhattan portfolio. It is a prime example of
the type of high-quality Manhattan assets we have targeted for purchase and is
consistent with our strategy of buying good real estate with stable cash flows
at prices below replacement cost. Moreover, Worldwide Plaza presents an
opportunity to increase cash flow through additional leasing opportunities
while generating stable cash flow from its existing strong tenant base. We
continue to see acquisition opportunities throughout Manhattan and its sister
boroughs, and remain committed to making purchases consistent with our
strategy. We are also very excited to partner with George Comfort & Sons and
RCG Longview, premier owners/operators of commercial real estate with long
track records of success."
NYRR is a publicly registered, non-traded real estate investment trust
("REIT") that has qualified as a REIT for tax purposes. Additional information
about NYRR can be found on its website at www.newyorkrecoveryreit.com.
The statements in this press release that are not historical facts may be
forward-looking statements. These forward-looking statements involve risks and
uncertainties that could cause the outcome to be materially different. In
addition, words such as "should," "will," "may," "anticipate," "believe,"
"expect" and "intend" indicate a forward-looking statement, although not all
forward-looking statements include these words.
SOURCE American Realty Capital New York Recovery REIT, Inc.
Contact: Anthony J. DeFazio, DDCworks, firstname.lastname@example.org, Ph:
484-342-3600; or Michael A. Happel, CIO, American Realty Capital New York
Recovery REIT, Inc., email@example.com, Ph: 212-415-6500
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