American Realty Trust Pays $529M For Times Square Building

Law360, Washington (October 28, 2013, 2:58 PM EDT) -- An American Realty Capital trust will pay $528.6 million to purchase a Times Square office and retail building in New York from private equity-backed Rockpoint Group LLC and real estate investment firm Monday Properties, it announced Thursday.

The building, located at 1440 Broadway between 40th and 41st Streets — a block away from Times Square — is an “institutional-quality” 25-story property with about 756,000 square feet of space available for rent, according to American Realty Capital New York Recovery REIT Inc., or NYRR.

The building is...
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