NY REIT Boasts Strong Q3 Leasing

NEW YORK CITY—New York REIT, Inc. has entered into new leases with respect to approximately 67,000 square feet of its portfolio during the third quarter with a weighted average term of 10 years and an average base rent of $57.41 per square foot, highlighted by a 32,598 square foot lease to CBS at World Wide Plaza.

Says NYRT's president, Michael Happel, "We continue to successfully execute on our business plan to drive same-store growth in our portfolio and our third quarter leasing activity was even stronger than we previously expected. In the third quarter alone, we leased approximately a quarter of the total vacant space in our entire portfolio. We believe the tone of the Manhattan leasing market is strong, our buildings are attracting quality tenants, and our team is executing."   

NYRT's third quarter 2014 leasing transactions included:32,598 square feet leased to CBS with a 12-year lease at World Wide Plaza located at 825 Eighth Ave. (of which NYRT's pro rata share was 15,940 square feet; 13,504 square feet leased to Corcoran with a 10-year lease at "The Red Bull Building" located at 218 W. 18^th St.; 7,926 square feet leased to Dell with a three-year lease at 1440 Broadway; 6,151 square feet leased to Neoscape with a seven-year lease at 256 W. 38^th St.; 3,833 square feet leased to South of Market with a 10-year lease at 416 Washington St.; and3,425 square feet leased to WebMD with a 7-year lease at Worldwide Plaza located at 825 Eighth Ave. (of which NYRT's pro rata share was 1,675 square feet).