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NEW YORK REIT, INC. FILES (8-K) Disclosing Completion of Acquisition or Disposition of Assets, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits

August 26, 2014



Item 2.01. Completion of Acquisition or Disposition of Assets.

245-249 West 17th Street On 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 Street in the Chelsea neighborhood 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, LLC and 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 $14.7



million(1) and 10% in five-year

April 2020 options 9% every One Room & Board, Inc.January 2014October 2034 60,062 $4.7



million(2) three years five-year

and 15% in option 2026 One



Flywheel Sports, Inc.November 2013May 2024 3,656 $0.3 million 3% annually five-year

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.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On August 22, 2014, the Company, through its operating partnership, drew down $315.0 million from 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 Street in the Chelsea neighborhood 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


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Source: Edgar Glimpses


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