New York REIT Inc., through a wholly owned subsidiary, has acquired for approximately $276.7 million an additional 49.9% indirect equity interest in Worldwide Plaza, pursuant to the company’s previously announced exercise of its option to purchase additional equity interests under the joint venture agreement governing Worldwide Plaza.
As a result of the acquisition, the company owns a total indirect equity interest of 98.8% in Worldwide Plaza. The remaining 1.2% indirect equity interest in Worldwide Plaza was retained by the Company’s joint venture partner pursuant to its rights under the joint venture agreement.
Wendy Silverstein, CEO said in a prepared statement that “We are pleased to have completed this acquisition in a timely manner. NYRT is now well positioned to begin the next phase of its liquidation process. We look forward to completing that process as quickly and efficiently as possible with a focus on maximizing shareholder value.”
Worldwide Plaza is a mixed-use building located on Eighth Avenue, between 49th and 50th Streets in Manhattan containing approximately 2.05 million rentable square feet including approximately 1.8 million rentable square feet of office space.