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Nightingale, Wafra buy 111 Wall for $175M

The new owners plan to renovate and reposition the former Citibank Building

Nightingale Properties and Wafra Capital Partners have closed on their acquisition of 111 Wall Street for a reported $175 million.

Newmark Knight Frank arranged a $145 million fixed-rate loan for the acquisition from Zurich Insurance Group. NKF president and Jimmy Kuhn arranged the sale of the property on behalf of Zurich.

Built-in 1968 as the headquarters for First National City Bank, 111 Wall Street was fully leased to Citigroup before they vacated the space in December.

Nightingale and WCP plan to renovate the 24-story office building that spans 1.1 million square feet and occupies a full city block in the Financial District.

Although specific details of the renovation and modernization have not been released, Nightingale and WCP plan to create a fully amenitized building including activating outdoor space with a rooftop experience that will be available to both the tenants and the general public.

Nightingale and WCP have engaged a Jones Lang LaSalle leasing team consisting of Clark Finney, Frank Doyle, Ben Bass, and Andrew Coe.

A Newmark Knight Frank financing team was led by vice chairmen and co-heads of Debt & Structured Finance Dustin Stolly and Jordan Roeschlaub, along with Nick Scribani, Chris Kramer, Seth Hall and John Gallagher.

A $110 senior loan was provided by SL Green with a $35 million mezzanine provided by an additional undisclosed lending partner.

The debt services as an acquisition loan and bridge-to-construction loan to facilitate the full redevelopment of the Class A building.

Located in the heart of Downtowns financial district, 111 Wall features unobstructed waterfront views. Formerly known as the Citibank Building is has access to transportation via The Fulton Center and the Ferry terminal.

“Following the comprehensive renovation and reimagining of 111 Wall Street by Nightingale and WCP, the Property will be one of the most sought-after office locations in Manhattan. It is ideally situated near the Seaport District and is surrounded by hundreds of high-quality restaurants and retailers all within walking distance to the Property,” said Stolly.

“The unmatched views of the East River and unique luxury amenity offerings at 111 Wall Street make the property a very attractive home for the most desirable tenants in the market,” added Roeschlaub.

Nightingale is a privately held, vertically integrated commercial real estate investment firm. Founded in 2005 by Elie Schwartz and Simon Singer, Nightingale deploys capital on behalf of itself and its partners.

WCP is a global asset manager with joint interests in several office and retail properties totaling over five million square feet

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