American Realty Capital New York City REIT has entered into an agreement to acquire 1140 Avenue of the Americas. The $180 million transaction is for a 250,000 sqf 22 story Class-A office building located in midtown Manhattan. Purchased from Blackstone Real Estate Partners VI L.P. the deal is expected to close in the second quarter of 2016. At the time of the agreement the building was 91 percent leased with the largest tenant being City National Bank.
“We are pleased to announce the acquisition of 1140 Avenue of the Americas, which enjoys a prime central Midtown Manhattan location with diverse and high quality tenants, as well as a recent $85 million capital investment from Blackstone,” said Michael A. Happel, Chief Executive Officer of NYCR. “The property features boutique floor plates, recently upgraded elevators and common areas, with a number of leases below market. This acquisition is consistent with our strategy to acquire institutional quality real estate in prime Manhattan locations.”
