American Realty Capital Buying 123 William Street for $253M

123 William Street.
123 William Street.


Real estate investment trust American Realty Capital is in the process of acquiring 123 William Street in the Financial District for $253 million, according to a press release issued by the company today.

The office building, located between Fulton Street and John Street, has roughly 545,000 rentable square feet and is 81 percent occupied.

“We are very excited to be adding 123 William Street to our portfolio,” said Michael A. Happel of ACR in prepared remarks. “The property is located in Downtown Manhattan, an important New York City submarket benefiting considerably from recent infrastructure improvements, especially with regard to transportation.”

Though the sale has not been finalized, NYCR has already made a $25.3 million non-refundable deposit, the press release noted.

The seller was identified only as EEGO 123 William Owner LLC in city records, though Crain’s New York Business has named the owners a partnership between East End Capital and GreenOak Real Estate.

Tenants include the New York State Department of State, the U.S. Social Security Administration, the Securities Training Corporation and law firm McAloon & Friedman.

A spokesman for ACR declined to comment on future plans for the site.

In 2013, Bloomberg Business reported that American Realty Capital had been on a “buying spree,” amassing a sizable portfolio that included many Manhattan buildings.

In June, Mortgage Observer reported that Nicholas Schorsch, American Realty Capital’s chairman, resigned from the boards of the company after accounting irregularities were uncovered. It remains unclear whether Mr. Schorsch will face legal action.

 




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