The acquisition expands the REIT's footprint in a submarket that it says is a preferred location for companies and young professionals in the TAMI sector.

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The company is anticipating demand for alternative energy and infrastructure services in the coming years.

They will begin renovating the 1.2-million square foot facility into an office and retail destination in West Chelsea.

The REIT still retains a 51% stake in the property and will continue to oversee its management.

The transaction values the 943,000 square foot Manhattan office at $875 million.

Madison Realty Capital provided the funding, which will be used for a renovation and repositioning plan.

The combined company will have 185 open-air shopping centers comprising approximately 32 million square feet of owned gross leasable area.