New York City REIT to Buy Manhattan Office Tower for $180 Million

American Realty Capital New York City REIT Inc. said Wednesday it agreed to purchase a 22-story office tower in midtown Manhattan for $180 million.

The property, 1140 Avenue of the Americas, is about 250,000 square feet and is currently 91% leased, with City National Bank being the largest tenant. New York City REIT is acquiring the property from an affiliate of Blackstone Real Estate Partners L.P.

"This acquisition is consistent with our strategy to acquire institutional quality real estate in prime Manhattan locations," said Michael A. Happel, New York City REIT's chief executive.

The transaction, subject to closing conditions, is expected to close in the second quarter.

Write to Joshua Jamerson at joshua.jamerson@wsj.com

(END) Dow Jones Newswires

March 23, 2016 08:25 ET (12:25 GMT)

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