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American Realty Capital New York City REIT Strikes Deal to Acquire 123 William St

WASHINGTON DC 03.16.2017

CAPITAL MARKETS AND REAL ESTATE FINANCE

Investing in 2017, Hot Markets, and the Ever-Changing Capital Stack

Mark Hertz -- AIG Global Real Estate
Sujan Patel -- Colony NorthStar
Joe Carter -- Wells Fargo

American Realty Capital New York City REIT (NYCR) announced the $253M deal today. 123 William St (above) is an institutional-quality office with about 545k SF of rentable space. The building is about 81% full, with tenants like the State of New York, the City of New York and the federal government. CEO Michael Happel is thrilled with the deal, citing a substantial renovation and increased demand for office space in Downtown Manhattan, especially as transportation improves. The plan is to raise rents to market value as renewals roll around.