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Nightingale, Wafra secure $500M to reposition 111 Wall Street

Newmark announced that it has closed an acquisition and construction loan for 111 Wall Street, New York, on behalf of Nightingale Properties and Wafra Capital Partners.

The frequent institutional joint venture partners will use a debt package exceeding $500 million to reposition and redevelop 111 Wall Street into a one-of-a-kind Class A office destination in the heart of Downtown Manhattan.

The loan was funded by a consortium that included SKW Funding, PIMCO, Oaktree Capital and Bain Capital, Commercial Observer reported.

111 Wall Street, NY - Image courtesy of Neoscape
111 Wall Street, NY – Image courtesy of Neoscape

The Newmark team, led by Dustin Stolly and Jordan Roeschlaub secured the debt. David Blaivas of Blaivas & Associates, P.C. advised Nightingale and Michael Lefkowitz of Rosenberg & Estis, P.C. advised WCP in the transaction.

Situated on an entire city block between Wall Street and Gouverneur Lane, 111 Wall Street is a 25-story property, spanning approximately 1.2 million square feet.

Nightingale Properties and Wafra Capital Partners acquired the property, formerly known as the Citibank Building, from Zurich Insurance for $175 million last January.

The new owners plans to reposition the building with cutting-edge and highly customizable office space designed by Studios Architecture.

The tenant amenities, designed by URBN Playground, will be fully integrated through the 111 Wall app and available on tenants’ smartphones. Catering to the workplace of the future and serving employees in a post-COVID world, Nightingale and WCP will be outfitting the entire building with the latest in touchless and smart-building technology.

The joint venture partners will implement a white-glove, tenant-only amenity program exceeding 40,000 S/F across the basement and ground floor. Tenant amenities will consist of a 125-seat conference center, multi-purpose room, event space, a bike and scooter charging room, upscale food and beverage options for tenants, a café and barista bar, and a fitness center known as 111 WELL.

Nightingale and WCP will install new curtain wall, floor-to-ceiling View Smart Glass windows, create a dramatically expanded and transformed office lobby and install new destination dispatch elevators.

As part of a complete infrastructure overhaul, the property will include state-of-the-art MEP systems, VRF HVAC systems with no perimeter convector covers and fully redundant power systems. 111 Wall Street will be LEED Silver certified and Wiredscore Certified and will offer tenants multiple signage and branding opportunities.

With three separate elevator banks connected to three separate entrances, 111 Wall Street provides prospective tenants with individual “building-within-a-building” opportunities, allowing for three future tenant headquarter locations.

“The exceptional track record, experience and financial wherewithal of Nightingale and WCP collectively was instrumental in this innovative financing during one of the most challenging financing environments in history,” said Stolly.

“111 Wall Street’s attractive basis, coupled with an exceptional business plan and best-in-class institutional joint venture partner leadership, allowed lenders to be comfortable with a large office redevelopment on the heels of COVID,” noted Roeschlaub.

Stolly added, “The hallmark financing of 111 Wall Street enables the joint venture partners to capitalize on the recovery and re-emergence of New York City market, specifically for best-in-class and bespoke office product.”

The expertise, collective capitalization, frequent collaboration and portfolio depth between Nightingale and WCP provide for the pairing of best-in-class sponsorship and business plan execution. The partnership has a strong track record of success and currently holds joint interests in several properties and development projects totaling over five million square feet.

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