NEW YORK CITY-American Realty Capital New York Recovery REIT Inc. (NYRR) reports it has acquired the fee simple interest in the 1440 Broadway office building here for a purchase price of $528.6 million.
The New York City-based REIT acquired the property from Rockpoint Group, LLC of Boston. The 25-story, 756,000-square-foot office building is 95% leased. American Realty Capital states that 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. Eastdil Secured acted as a special advisor to Rockpoint in this transaction.
Michael A. Happel, chief investment officer of NYRR, states "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.”
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