American Realty Capital New York City REIT, Inc. (NYCR), a public non-traded real estate investment trust (REIT), has completed its acquisition of 570 Seventh Avenue, an office property in Times Square, Manhattan, for $170.3 million, exclusive of closing costs.
The seller of the Property was 570 7th Avenue Property Owner, L.L.C.
570 Seventh Avenue contains 170,000 rentable square feet and is currently 76 percent leased.
As a condition to closing, the Company entered into a one-year lease with The Carlyle Group, which represents about two-thirds of the annualized cash base rent based on leases in place as of the acquisition date.
The Carlyle Group will occupy 33,058 rentable square feet until January 2015. Beginning in January 2015, the Carlyle Group will occupy an additional 10,068 rentable square feet.
The Carlyle Group’s annual base rent is $7.92 million. Its lease expires in November 2015.
Capstone Equities owned and managed 570 Seventh Avenue, according to its website, which says it planned a major lobby renovation and capital improvements upgrade at the building.