ARC New York City REIT Executes Two New 10-Year Leases at 9 Times Square in Manhattan

American Realty Capital New York City REIT Inc., a publicly registered non-traded real estate investment trust, has entered into two new leases totaling approximately 27,500 square feet at 9 Times Square, located at 200 West 41st Street in Manhattan.

Real estate company Knotel signed a 10-year, 26,300-square-foot, office lease for three full floors of the property and anticipates fully occupying the space by mid-2018.

Fast-casual restaurant Poke Signature signed a 10-year, 1,200-square-foot, retail lease in the newly repositioned retail space on the ground floor of the property and plans to open its restaurant in December 2017.

“We are excited to execute these new leases at 9 Times Square with high-quality tenants in Knotel and Poke Signature,” said chief executive officer Michael Weil. “These actions demonstrate our continued commitment to achieving our strategy of fully repositioning 9 Times Square, while adding more dynamic companies to the tenant roster.”

9 Times Square is a 167,000-square-foot office building with more than 15,000 square feet of divisible retail space at its base. The two new leases extend the occupancy from 58.3 percent leased as of June 30, 2017 to approximately 70 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 had raised a total of $764 million in investor equity, as of March 31, 2017. The company owns six properties valued at $785 million.

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