American Realty Capital New York Recovery REIT purchases equity interest in Worldwide Plaza
American Realty Capital New York Recovery REIT has acquired a 48.9 per cent equity interest in Worldwide Plaza, located on Eighth Avenue between 49th and 50th Streets in Manhattan.
The seller, WWP Sponsor, which is controlled by a joint venture consisting of George Comfort & Sons, RCG Longview, and DRA Advisors, retained the remaining 51.1 per cent equity interest.
NYRR acquired its 48.9 per cent equity interest in this Manhattan office tower for USD220.05m, exclusive of closing costs.
Worldwide Plaza was built in 1989 and is comprised of a 49-storey office building containing approximately 1.8 million rentable square feet of office space, 30,000 square feet of retail space, a five-stage off-Broadway theatre, a 38,000 square foot fitness centre and a garage providing 475 parking spaces. Worldwide Plaza is 91 per cent leased to a number of large credit tenants including Nomura Holding America and Cravath, Swaine & Moore, a global law firm.
Michael A Happel, chief investment officer of NYRR, says: "Worldwide Plaza is located in the Midtown Manhattan office sub-market and features large credit tenants as well as potential additional leasing opportunities. This acquisition increased our portfolio value to over USD2.1bn, including other recently announced acquisitions."