The Real Deal New York

Rubenstein, David Barton take 103K sf at Worldwide Plaza

New lease deals boost occupancy to 98% at American Realty's Midtown tower

April 27, 2015 11:30AM

Michael Happel and One Worldwide Plaza in Midtown West

Michael Happel and One Worldwide Plaza in Midtown West

UPDATED, 11:34 a.m., April 28: American Realty Capital’s New York REIT has sealed two new, long-term leases at One Worldwide Plaza totaling around 103,000 square feet, the real estate investment trust announced Monday.

Rubenstein Associates signed on for around 68,000 square feet of office space across two full floors of the Midtown West building, while David Barton affiliate 99th Avenue Holdings agreed to roughly 35,000 square feet for a new gym concept in a former Bally’s Fitness space.

The length terms of the leases were not disclosed.

New York REIT’s pro rata share of the agreements at the 350 West 50th Street building, which it jointly owns with DRA Advisors, George Comfort & Sons and RCG Longview, is 51,000 square feet.

The two leases take occupancy up to 98.2 percent at One Worldwide Plaza – with that rate increasing from 91 percent when the joint partnership acquired the property in October 2013, according to NY REIT president Michael Happel.

The 49-story tower contains approximately 1.8 million square feet of office space and 30,000 square feet of retail space. CBS TV signed a 12-year lease for 32,600 square feet at the building late last year, while M. Shanken Communications agreed an 11-year, 38,400-square-foot lease last May. – Rey Mashayekhi