On behalf of Nightingale Properties and Wafra Capital Partners (WCP), Newmark has arranged a $145 million fixed-rate loan for the acquisition of 111 Wall Street, New York, NY.
The Newmark 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. The loan was provided by SL Green and an undisclosed lending partner. Newmark President and Head of Investor Services Jimmy Kuhn arranged the sale of the Property on behalf of Zurich Insurance.
The iconic 24-story waterfront property spans 1.13 million square feet and is located in the heart of Downtown Manhattan’s financial district, featuring an incredible window line and unobstructed waterfront views including Lower Manhattan’s and Brooklyn’s skyline. Built-in 1968 as the headquarters for First National City Bank, 111 Wall Street has been institutionally owned and operated since completion. 111 Wall Street will soon undergo a comprehensive renovation and modernization by Nightingale and WCP. 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.
Situated on a full New York City block between Wall Street and Gouverneur Lane, in one of Manhattan’s most historic neighborhoods, 111 Wall Street - formerly known as the Citibank Building - benefits from an unrivaled waterfront location featuring breathtaking views with an iconic Wall Street address, one of the United States’ most recognizable thoroughfares, easy access to transportation via The Fulton Center and the Ferry terminal and immediate access to transportation via the Wall Street Pier 11 (serviced by NYC Ferry, NY Waterway, NY Water Taxi, Sea Streak and New York Beach Ferry), as well as the 2, 3, 4, 5, J, Z A, C, E, N, R and W New York City Subway lines.
‘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,’ said 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 non-specific investments across the capital stack, seeking superior risk-adjusted returns and outsized value creation spanning all risk-return profiles, geographies, asset classes, hold periods, deal sizes and redevelopment and repositioning potential.
Nightingale is highly regarded for its strong principles based on property management and asset management. WCP is a global asset manager targeting a diverse array of potential investments, varying in its investment strategies and geographic allocations to capture an effective risk/return profile. The partners have a strong track record of success together and currently hold joint interests in several office and retail properties totaling over 5 million square feet.
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 18,000 professionals operate from approximately 480 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.
Discussion of Forward-Looking Statements about Newmark
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