{"id":5947,"date":"2016-03-30T11:15:48","date_gmt":"2016-03-30T15:15:48","guid":{"rendered":"https:\/\/qa.bluevaultpartners.com\/?post_type=news&#038;p=5947"},"modified":"2016-03-30T11:15:48","modified_gmt":"2016-03-30T15:15:48","slug":"new-york-city-reit-to-buy-midtown-manhattan-office-asset","status":"publish","type":"post","link":"https:\/\/qa.bluevaultpartners.com\/new-york-city-reit-to-buy-midtown-manhattan-office-asset\/","title":{"rendered":"New York City REIT to Buy Midtown Manhattan Office Asset"},"content":{"rendered":"<p>March 25, 2016 |\u00a0by Barbra Murray | Commercial Property Executive<\/p>\n<p>American Realty Capital NYC REIT will pay $180 million to acquire the Manhattan office asset from an affiliate of The Blackstone Group.<\/p>\n<p><strong>New York<\/strong>\u2014Slowly but surely, <a href=\"http:\/\/www.newyorkcityreit.com\/\" target=\"_blank\">American Realty Capital New York City REIT Inc.\u2019s<\/a> portfolio is getting bigger and bigger. The public non-traded\u00a0REIT will add a quarter-million square feet of <a href=\"https:\/\/www.cpexecutive.com\/office\/\" target=\"_blank\">office space<\/a> to its collection\u00a0with the acquisition of 1140 Avenue of the Americas in Manhattan. NYCR just signed on to pay BPGL Holdings LLC, an affiliate of <a href=\"http:\/\/www.blackstone.com\/\" target=\"_blank\">Blackstone Real Estate Partners VI LP<\/a>, $180 million for the Class A asset.<\/p>\n<p>Oh, what a difference five years\u00a0can make. Blackstone snapped up\u00a01140 Avenue of the Americas\u00a0in 2011 for just $98.25 million, having acquired the loans secured by the 250,000-square-foot\u00a0building from a consortium of banks led by Landesbank Baden-W\u00fcrttemberg. Originally developed in 1926, the property has seen its share of owners over\u00a0the last 10 years, beginning with SL Green Realty Corp., which sold the\u00a0asset to Stellar Management and Rockpoint Group for\u00a0$97.5 million in 2006. A few years later, the\u00a0office building\u00a0fell into the hands of\u00a0 Landesbank Baden-W\u00fcrttemberg.<\/p>\n<p>Located in Midtown Manhattan\u2019s Bryant Park neighborhood, 1140 Avenue of the Americas\u00a0has a lot going for it today,\u00a0including a recent $85 million capital investment and a respectable occupancy level. The 22-story tower is 91 percent leased and counts\u00a0City National Bank\u2014which occupies roughly 30,000 square feet under a lease scheduled to expire in 2023\u2014as its largest tenant. Ultimately, NYCR plans to increase the value of the asset by capitalizing on\u00a0below-market leases. Midtown\u2019s Class A office property segment closed 2015 with an average asking lease rate of $66.96 per square-foot, according to a report by ABS\u00a0Partners Real Estate.<\/p>\n<p><a class=\"fasc-button fasc-size-medium fasc-type-flat fasc-ico-before dashicons-text\" style=\"background-color: #33809e; color: #ffffff;\" href=\"http:\/\/bit.ly\/1M0hMPc\" target=\"_blank\" data-fasc-style=\"background-color:#33809e;color:#ffffff;\">Article Located Here<\/a><\/p>\n<div style=\"clear:both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>March 25, 2016 |\u00a0by Barbra Murray | Commercial Property Executive American Realty Capital NYC REIT will pay $180 million to acquire the Manhattan office asset from an affiliate of The &hellip; <\/p>\n<p><a href=\"https:\/\/qa.bluevaultpartners.com\/new-york-city-reit-to-buy-midtown-manhattan-office-asset\/\" class=\"read-more\">Read more<\/a><\/p>\n","protected":false},"author":6,"featured_media":5032,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3010,2739],"tags":[],"class_list":["post-5947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asset-manager-news","category-nontraded-reit"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New York City REIT to Buy Midtown Manhattan Office Asset - Blue Vault<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/qa.bluevaultpartners.com\/new-york-city-reit-to-buy-midtown-manhattan-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York City REIT to Buy Midtown Manhattan Office Asset - Blue Vault\" \/>\n<meta property=\"og:description\" content=\"March 25, 2016 |\u00a0by Barbra Murray | Commercial Property Executive American Realty Capital NYC REIT will pay $180 million to acquire the Manhattan office asset from an affiliate of The &hellip; 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