American Realty Capital New York City REIT Inc., a publicly registered non-traded real estate investment trust, has entered into three new leases totaling approximately 67,000 square feet at 123 William Street in Manhattan.
123 William Street is a 26-story, 541,000-square-foot Class A office building in Lower Manhattan’s Financial District which the REIT purchased in March 2015 for $253 million.
ARC NYC REIT entered into a 20-year, 40,610-square-foot, office lease with The New York City Department of Citywide Administrative Services for two full floors in the building. The New York City Department of Youth Andy Lei Community Development will occupy both floors.
The company also entered into a 10-year, 23,400-square-foot, office lease with Knotel for one full floor in the building. Knotel is a real estate company that runs a network of custom locations that provides businesses with adaptable headquarters. Knotel anticipates fully occupying the space by mid-2018.
Additionally, the REIT entered into a 10-year, 3,000-square-foot, retail lease with I Love Kickboxing for retail space in the building. I Love Kickboxing is a franchise-operated chain of kickboxing studios and training facilities.
The three new leases increase the building’s occupancy to approximately 97 percent.
American Realty Capital New York City REIT is a non-traded real estate investment trust focused on properties located in the five boroughs of New York City, with a focus on Manhattan. The company closed its initial public offering in May 2015 and raised a total of $772 million in investor equity, as of the third quarter 2017. The company’s $785 million portfolio is comprised of six properties.