Frequent partners, Nightingale Properties and Wafra Capital Partners (WCP) are seeking a redevelopment loan to fund the renovation and modernization of 111 Wall Street, a 25-story waterfront office property in the Financial District.
The partners plan to turn the former Citibank building into “the workplace of the future” with the latest in touchless technology, a white-glove tenant amenity program that includes 40,000 s/f of basement, ground floor and rooftop space.
Designed by Studio Architecture, the redevelopment will include a 125-seat conference center, event space, a bike and scooter charging room, food and beverage options, a café, fitness center and spa.
There will also be outdoor and green space across multiple floors and 1.1 million square feet of customizable Class A office space.
Office floors and tenant amenities will be programmed with social distancing standards in mind and a 111 Wall App will be available on tenant’s smartphones.
Sources say Nightingale and WCP have signed a hard contract to acquire the leased fee position on the building which they ultimately hope to convert to a fee simple position upon the completion of the nearly $1 billion redevelopment.
A Newmark Knight Frank team led by Dustin Stolly and Jordan Roeschlaub is shopping the debt for the partnership.
The supporting deal team includes senior managing director Nick Scribani, Don Pavlov, and Dominick Calisto. A Jones Lang LaSalle leasing team lead by Clark Finney, Frank Doyle, Benjamin Bass, and Andrew Coe is handling leasing for the project.
Nightingale and WCP acquired the leasehold interest in 111 Wall Street in January 2020 following the departure of Citigroup, who was the sole tenant for the past 20 Years.
At the time of their leasehold acquisition, the ground lease had 19 years of term remaining before an FMV reset.