Today, Sage Realty (Sage), the leasing and management division of the William Kaufman Organization (WKO), along with its co-sponsor, a client of Principal Real Estate Investors, announced the refinancing of the Class-A office building 77 Water Street (77 Water) with a $127.5 million loan. The 60-month refinancing loan was provided by ACORE Capital’s Eric Ramirez and will be used to fund future capital improvements at the office building, which is in the heart of the Financial District. Grant Frankel, Ethan Pond and Tanner McNeil of Eastdil Secured represented the borrower in the deal.
“This loan closing represents a huge step towards an exciting repositioning and modernization at one of Wall Street’s most distinctive buildings,” said Jonathan Iger, CEO of Sage. “Across the Sage portfolio, we are continuing to invest in capital improvements so that our buildings meet the needs of tenants in today’s evolving market and provide them with dynamic spaces for collaboration and socialization.”
With the refinancing loan, Sage plans on redesigning 77 Water’s Plaza, Arcade, and Lobby. Additionally, Sage is collaborating with landscape architect, MPFP, to design and renovate the ground-floor level’s interior and exterior.
Built in 1970 by the William Kaufman Organization, 77 Water Street is a 26-story office tower that sits at the epicenter of New York’s Financial District. Widely considered one of Wall Street’s most recognizable buildings, 77 Water Street is the quintessential expression of the Kaufmans’ vision that office buildings, and lobby areas in particular, should be welcoming places for workers and the larger community to mix and mingle.
The 614,000-square-foot, Class-A office building features an open plaza area, with an array of interesting elements, including honey locust trees, streams, foot bridges and a wood-framed, turn-of-the-century-style candy store. The crowning jewel of 77 Water Street is a sculptured steel replica of a World War I Sopwith Camel fighter plane, which serves as an endless source of delight and fascination for visitors who catch a glimpse of the unusual object adorning the roof.
For more information on Sage, visit: https://www.sagerealty.com/