AR Capital’s Patrick O’Malley Named CIO of NY REIT and ARC NYC REIT

Just weeks after institutional investor Sorin Capital Management called on the board of New York REIT (NYSE: NYRT) to sever ties with its external advisor AR Capital, the company’s board of directors on Friday named Patrick O’Malley, an employee of AR Capital’s since June 2012, as its chief investment officer. O’Malley has also been named CIO of American Realty Capital New York City REIT, the AR Capital-sponsored non-traded real estate investment trust.

O’Malley will also continue to serve as chief investment officer of the companies’ advisors, New York Recovery Advisors LLC and New York City Advisors LLC, both of which he was appointed to in May 2015.

O’Malley is involved in all aspects of the real estate portfolios of both REITs and has more than 13 years of real estate experience with a concentration on the New York City Metro area.