NEW YORK CITY—New York REIT (NYRT) said Tuesday it had closed on $760 million in financing from Credit Suisse, which will be used primarily to acquire the remaining equity interest in Worldwide Plaza that the company doesn't already own. The financing will also give the company added flexibility to pursue its liquidation plan, subject to shareholder approval.

The two-million-square-foot Worldwide Plaza at 825 Eighth Ave. is NYRT's largest asset. Currently the REIT owns a 48.9% interest in Worldwide Plaza and has a fixed price option to purchase all or substantially all of the rest of the property.

“NYRT has a strong portfolio of high-quality, well-leased assets in one of the best real estate markets in the world and we believe that increasing our ownership of Worldwide Plaza will bring significant value to our stockholders,” says Michael Happel, CEO and president of the REIT. “In addition to providing us with the capital we need to exercise the option at Worldwide Plaza, this financing allows us to pay off our existing credit facility in full and move forward with the previously announced plan of liquidation.”

The current credit facility had an outstanding balance of approximately $485 million as of Dec. 19. The company obtained the new financing in part because the former credit facility did not permit a liquidation or sale of all or substantially all of the assets of the company. NYRT made the decision this past August to pursue a liquidation after its merger with JBG Cos. fell through.