Item 2.01. Completion of Acquisition or Disposition of Assets.
245-249 West 17th StreetOn August 22, 2014, New York REIT, Inc.(the "Company"), through its operating partnership, closed its acquisition of the fee simple interest in two contiguous institutional-quality office buildings located at 245-249 West 17th Streetin the Chelseaneighborhood of Manhattan, at a contract purchase price of $335.0 million, exclusive of closing costs. The sellers of the property are 245 West 17th Street Property Investors II, LLCand 249 West 17th Street Property Investors II, LLC. The sellers have no material relationship with the Company and the acquisition was not an affiliated transaction. The property contains approximately 282,000 rentable square feet and is 99% leased. The property's largest tenant is Twitter, Inc., which represents 75% of annualized cash rental income. The remaining two tenants are Room & Board, Inc., which represents 23% of annualized cash rental income, and Flywheel Sports, Inc., which represents 2% of annualized cash rental income.
The following table provides information relating to lease commencement and termination dates, rentable square feet, rental escalations, renewal options and annualized cash rental income for each of such three tenants:
Annualized Cash Lease Lease Rentable Rental Commencement Termination Square Income Rental Renewal Tenant Date Date Feet (in
thousands) Escalations Options
April 2% annually Two Twitter, Inc. January 2014 2025 214,765
million(1) and 10% in five-year
April 2020options 9% every One Room & Board, Inc. January 2014 October 203460,062 $4.7
million(2) three years five-year
and 15% in option 2026 One
option (1) Rent commences between April and
August 2015. (2) Rent commences in October 2014.
The Company funded the purchase of the property through available cash on hand and borrowings under the Company's revolving credit facility.
A copy of the press release announcing the Company's acquisition of the property is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
August 22, 2014, the Company, through its operating partnership, drew down $315.0 millionfrom its amended credit facility with Capital One, National Association, among other lenders, in connection with the acquisition of two contiguous institutional-quality office buildings located at 245-249 West 17th Streetin the Chelseaneighborhood of Manhattan, as described in Item 2.01 above.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description 99.1 Press Release dated
August 25, 2014