Global commercial real estate advisory firm Newmark and JLL have partnered to arrange the sale and financing of 300 Lafayette, located in New York, NY. Newmark and JLL negotiated the sale and purchase of the leasehold. The Property was purchased by a joint venture between The Nightingale Group (“Nightingale”) and WCP Investments, LP (together with its affiliate, Wafra Capital Partners Inc., “WCP”).
The acquisition financing was arranged by the Newmark team led by Dustin Stolly and Jordan Roeschlaub, Vice Chairmen and Co-Heads of Debt & Structured Finance, along with Nick Scribani, Chris Kramer and Dylan Kane. The $143 million loan was provided by TPG Real Estate Finance Trust.
300 Lafayette is an innovative 82,123-square foot state-of-the-art office and retail development in SoHo, representing the first new Class A office delivery in SoHo in over 100 years. The stunning architectural design by CookFox Architects maximizes light and air on all sides across seven stories, featuring best-in-class creative office space with floor-to-ceiling windows on every floor and spacious terraces and greenspace on nearly every floor. Additionally, 300 Lafayette features over 8,500 square feet of highly visible flagship retail space. The project is one of the most premier developments ever to be constructed in the SoHo market.
Nightingale and WCP signed a contract in September 2017 to acquire 100% of the leasehold interest in the under-construction Property, with the formal transfer of ownership to occur shortly after receiving TCO.
“300 Lafayette has spectacular views and over 10,000 square feet of outdoor terrace and greenspace, making it one of the most unique and premier developments to rise on Houston and in the SoHo market in over a century,” said Stolly.
“Nightingale and WCP have a strong track record of success together, with joint interests totaling over 4 million square feet. The partnership is ideally suited to drive long-term, stable growth at the Property,” noted Roeschlaub.
The expertise, collective capitalization, and portfolio depth between Nightingale and WCP provides for the pairing of best-in-class sponsorship. 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 through specific and nonspecific investments. Primarily, Nightingale seeks value-oriented investments with repositioning or redevelopment opportunities in core and noncore markets across the United States. WCP is a global, diversified asset management firm, targeting amongst other investment opportunities, a diverse array of real estate investments, spanning investment strategies and geographies, with select investment partners.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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