American Realty Capital New York Recovery REIT Acquires Institutional-Quality
Manhattan Office Building Located at 1440 Broadway
NYRR's Portfolio Now Totals $2.1 Billion of Acquired Assets
NEW YORK, Dec. 26, 2013
NEW YORK, Dec. 26, 2013 /PRNewswire/ --American Realty Capital New York
Recovery REIT, Inc. ("NYRR") announced today that it acquired from a
subsidiary of Rockpoint Group, L.L.C. ("Rockpoint") the fee simple interest in
an institutional-quality office building located at 1440 Broadway in Times
Square South. The purchase price for the building was $528.6 million,
exclusive of closing costs. The 25-story property is 95% leased and contains
approximately 756,000 rentable square feet. Approximately 40% of the rental
income from the property is derived from investment-grade rated companies. The
largest tenant in the building is Macy's, Inc., which occupies approximately
27% of the building's rentable square footage.
Michael A. Happel, Chief Investment Officer of NYRR, noted, "We are thrilled
to announce the acquisition of 1440 Broadway, located in the Times Square
South neighborhood which we believe has long-term growth potential as the
Times Square submarket expands. This asset is in first-rate condition and has
a recognizable mix of investment grade and credit tenants from various
industries. Our portfolio's asset value now exceeds $2.1 billion, including
all announced acquisitions to date, as we have successfully deployed our
raised equity. We remain focused on building a first class company with a
concentration on New York City real estate. Our team will continue to endeavor
to identify and acquire strong assets in prime locations and at good prices,
enabling us to further grow our New York City real estate portfolio."
Eastdil Secured acted as a special advisor to Rockpoint in this transaction.
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.
Rockpoint is a global real estate investment management firm headquartered in
Boston, with additional primary offices in San Francisco, Dallas and London.
The firm employs a fundamental value approach to investing and focuses on
select product types and geographic regions, with a primary emphasis on
opportunities in major coastal markets in the United States. Since its
inception in 2003, Rockpoint has sponsored six private investment funds and
four co-investment vehicles, with aggregate capital commitments of
approximately $9 billion. The firm's six Managing Members have been working
and investing together for 14 years and Rockpoint's Founding Managing Members
have been working and investing together since 1996. Through the Rockpoint
sponsored funds and in prior investment vehicles, Rockpoint's Founding
Managing Members have together invested nearly $11 billion of equity in more
than 330 transactions with a total capitalization of approximately $42
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 "will," "should," "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: From: Anthony J. DeFazio, DDCworks, firstname.lastname@example.org, Ph:
484-342-3600; For: Michael A. Happel, CIO, American Realty Capital New York
Recovery REIT, Inc., email@example.com, Ph: 212-415-6500
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