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American Realty Capital New York City REIT’s 9 Times Square will be 89% Leased

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New York-based American Realty Capital New York City REIT Inc., which owns a $754 million portfolio of office and retail condominium buildings in New York City, has entered into five new leases totaling approximately 33,427 square feet at 9 Times Square (200 West 41st Street) in Manhattan.

Details of the Five New Leases are as Follows:

A 10-year, 8,780 square foot, office lease with Veredus Corporation, a Hays company, for one full floor of the property. In connection with arranging this office lease, NYCR was represented by Newmark Knight Frank and Veredus was represented by Savills Studley.

A 10-year, 6,951 square foot, office lease with Adelman Katz Mond, LLP (“AKM”), for a partial floor of the property. In connection with arranging this lease, NYCR was represented by Newmark Knight Frank and AKM was represented by MHP Real Estate Services.

A 7-year 5,650 square foot, office lease with LW Hospitality Advisors LLC (“LWHA”) for a partial floor of the property. In connection with arranging this lease, NYCR was represented by Newmark Knight Frank and LWHA was represented by Savills Studley.

A 10-year 3,266 square foot, office lease with Greater New York Dental Meeting for a partial floor of the property.

A 9-year, 8,780 square foot, office lease with Knotel for an additional floor at the property bringing their total square footage at the property to 35,120. “We are excited to be able to expand our partnership with AR Global at 200 West 41st Street,” said Eugene Lee, Global Head of Real Estate and Business Development at Knotel. “This transaction is a key example of our growth in Midtown and the continued interest in flexible office space from the city’s premier owner/managers.” In connection with arranging this office lease, NYCR was represented by Newmark Knight Frank and Knotel was represented by Savills Studley.

David Falk of Newmark Knight Frank commented, “We are thrilled with all of the leasing success at 200 West 41st. We all felt that if the building was renovated in a stylish, forward thinking way that the Midtown tenant that wanted a ‘Midtown South’ aesthetic would be attracted to the building.”

Senior Vice President Zachary Pomerantz commented, “We are excited to execute these new long-term leases at 9 Times Square with a number of high-quality, established companies. These actions demonstrate our continuing commitment to achieving our objective of fully repositioning 9 Times Square, while adding dynamic companies to the tenant roster.”

If these five new leases had commenced in Q2 2018, they would have increased occupancy at 9 Times Square as of June 30, 2018 from 74.4% to 89.1%.[1] These five new leases have a weighted average lease duration of 9.3 years.[2] 9 Times Square (200 West 41st Street) is a 167,390-square-foot office building with more than 4,000 square feet of divisible retail space at its base. The building offers retailers 7,500 square feet of LED signage and 2,400 square feet of static signage.