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