Continuing its prolific buying spree in New York, American Realty Capital New York Recovery has acquired a 48.9 percent equity interest in One Worldwide Plaza for $220.05 million, the real estate investment trust announced today.
“We are pleased to have acquired another high-quality asset and look forward to an important partnership with George Comfort & Sons, Inc., RCG Longview, and DRA Advisors LLC,” Michael Happel, chief investment officer for NYRR, said in a prepared statement. “Worldwide Plaza is located in the Midtown Manhattan office sub-market and features large credit tenants as well as potential additional leasing opportunities. This acquisition increased our portfolio value to over $2.1 billion, including other recently announced acquisitions.”
Worldwide Plaza will definitely look to recapitalize, following several months of lingering on the auction block. Sellers, George Comfort & Sons and RCG Longview, had purchased the building – located at 825 Eighth Avenue – in 2009 for just under $600 million.
“The truth of the matter is that they have decided on a recapitalization Read More
Bids for Worldwide Plaza are coming in below the sky-high projections sellers George Comfort & Sons and RCG Longview had hoped for when the partners (finally) put the nearly two million-square-foot office tower on the market in recent weeks.
Several sources familiar with the bidding process say that potential buyers who have stepped forward have so far offered around $1.5 billion for the property, which George Comfort and its partner purchased at the depths of the recession for around $600 million in 2009.