NEW YORK, Nov. 29, 2017 /PRNewswire/ — American Realty Capital New York City REIT, Inc. (“NYCR” or the “Company”), a public non-traded real estate investment trust (“REIT”), announced today that it has entered into three new leases totaling approximately 67,000 square feet at 123 William Street in Manhattan.
NYCR entered into a 20-year, 40,610 square foot, office lease with The New York City Department of Citywide Administrative Services (“DCAS”) for two full floors in the building. The New York City Department of Youth and Community Development will occupy both floors. In connection with arranging this office lease, NYCR was represented by CBRE and DCAS was represented by Cushman & Wakefield.
NYCR also entered into a 10-year, 23,429 square foot, office lease with Knotel for one full floor in the building. Knotel is a real estate company that runs a network of custom locations that provides modern businesses with adaptable headquarters. Knotel anticipates fully occupying the space by mid-2018. In connection with arranging this office lease, NYCR was represented by CBRE and Knotel was represented by Skylight Leasing.
Additionally, NYCR entered into a 10-year, 2,998 square foot, retail lease with I Love Kickboxing for retail space in the building. I Love Kickboxing is a franchise-operated chain of kickboxing studios and training facilities. In connection with arranging this retail lease, NYCR was represented by CBRE and I Love Kickboxing was represented by Prime Manhattan Realty.
Chief Executive Officer Michael Weil commented, “We are excited to execute these new leases at 123 William Street with more high-quality tenants in The City of New York, Knotel and I Love Kickboxing. We believe the property’s diverse tenant roster speaks directly to the desirability of the building and strength of the location.”
Giving effect to the signing of these three leases, the building will be approximately 97% leased and the Company continues to see strong leasing activity for the remaining office space.
American Realty Capital New York City REIT, Inc. seeks to provide its investors with a combination of current income and capital appreciation through strategic investments in high-quality commercial real estate located within the five boroughs of New York City, particularly Manhattan. NYCR elected and qualified as a REIT for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2014. Additional information about NYCR can be found on its website at www.newyorkcityreit.com.
Knotel runs a network of custom locations with adaptable environments and on-demand headquarters that cater