NEW YORK CITY—In the wake of repeated shareholder criticism over the company's stock price performance, New York REIT president and CEO Michael Happel says he would "fully support" an entity-level sale of his organization. Such deals could take place on the individual asset or "sub-portfolio" level, the process could also involve a potential sale of the entire company, should such an opportunity arise, according to the Real Deal.

Meanwhile, the company also announced that its board has increased the size of its board by two additional members and that Keith Locker and James Nelson have been appointed to fill the two new slots as independent directors of the company. The NYRT board of directors now consists of seven members, five of which are independent.

Last month, New York REIT reshuffled its board of directors and retained Eastdil Secured to advise on "potential strategic transactions." Occupancy within the REIT's 3.4 million-square-foot office portfolio stood at just over 97% at the end of the third quarter, unchanged from the previous period, the Real Deal notes. But by the end of the next quarter the company will have 189,000 square feet of vacancies at 1440 Broadway, its 25-story, 748,000-square-foot office building in Midtown.

New York REIT is negotiating leases on over half of the 189,000 square feet due to become vacant at 1440 Broadway, with rents in the building "usually" north of $60 per square foot, Happel stated. A "very strong" Manhattan leasing environment with double-digit year-over-year rent increases means it is a good time to be looking for new tenants, he added.

The company also continues to pursue the sale of non-core assets in Brooklyn and Queens, having retained Cushman & Wakefield and HFF to market five properties in the outer boroughs. It expects to make about $120 million from those sales.

The company already has sold one of those properties, a rental building at 163 Washington Ave. in Clinton Hill, for $38 million, and has three Brooklyn retail properties and one Queens retail property still on the market.

While announcing plans for a $150 million share repurchasing plan earlier this year, New York REIT has yet to execute on the buyback, and Happel cited the desire to wait until closing most of the non-core asset sales to repurchase the shares "on a debt-neutral basis."

The company also wants to remain ready to exercise its purchase option on the 49-story, 1.8 million-square-foot One Worldwide Plaza in Midtown West, in which it holds a 49% interest. The purchase option in early 2017 will require around $270 million in capital, and Happel says he "fully expect[s]" New York REIT to exercise the option.

New board member Locker is the CEO, president and co-founder of Inlet Capital while Nelson is a director and member of the audit committee of Icahn Enterprises LP and its general partner, Icahn Enterprises GP.

Locker has more than 30 years of major national market experience in real estate finance, private investment, capital markets, transaction structuring, and risk management. He has extensive experience in originating and structuring debt and equity financings and providing value enhancing strategic advice to prominent real estate companies and has completed over $60 billion of transactions across all real estate sectors.

He has more than 30 years of major national market experience in real estate finance, private investment, capital markets, transaction structuring, and risk management. He has extensive experience in originating and structuring debt and equity financings and providing value enhancing strategic advice to prominent real estate companies and has completed over $60 billion of transactions across all real estate sectors.

Nelson has held his positions at Icahn since 2001. He has served as a director and member of the audit committees of several of the operating segments of Icahn, including Tropicana Entertainment, Viskase Cos., American Entertainment Properties, and Atlantic Coast Entertainment Holdings. Previously, Nelson was chairman and CEO of Eaglescliff Corp., a specialty investment banking, consulting, and wealth management company.