{"id":1004383373,"date":"2020-01-17T06:35:40","date_gmt":"2020-01-17T14:35:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004383373"},"modified":"2021-05-15T06:11:46","modified_gmt":"2021-05-15T14:11:46","slug":"nightingale-wafra-pay-175m-for-wall-street-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nightingale-wafra-pay-175m-for-wall-street-office-building\/","title":{"rendered":"Nightingale, Wafra Pay $175M for Wall Street Office Building"},"content":{"rendered":"
\"111<\/a>

111 Wall Street. Image courtesy of Newmark Knight Frank<\/em><\/p><\/div>\n

Nightingale Properties and Wafra Capital Partners have purchased 111 Wall Street, a 1.1 million-square-foot building in Manhattan\u2019s financial district. Zurich Insurance sold the asset formerly known as the Citibank Building for $175 million in a leasehold transaction, according to public records.<\/p>\n

Newmark Knight Frank assisted the seller in the disposition and provided the buyers with $145 million in financing. Funding consists in a $110 million senior loan from SL Green Realty Corp. and a $35 million mezzanine loan from an undisclosed lending partner. According to Commercial Observer<\/em>, the debt finances both the acquisition and the full redevelopment of the building.<\/p>\n

Nightingale and Wafra Capital currently hold joint interests in several office and retail properties across the U.S., totaling more than 5 million square feet. In May, the joint venture entered into an agreement to buy the Coca-Cola building<\/a> for $907 million, with the transaction closing in August. The partners then resold the 354,000-square-foot asset in the largest office sale recorded<\/a> in September in New York City.<\/p>\n

An iconic property<\/h2>\n

The 24-story waterfront property at 111 Wall St. was developed in 1968 as the headquarters for First National City Bank. Citigroup vacated the building at the end of 2019 after the ground lease expired. The office asset will soon undergo an extensive renovation and modernization plan. JLL will handle leasing at the property.<\/p>\n

Situated on a full block between Wall Street and Gouverneur Lane, the iconic office building is across Manahatta Park, close to the Seaport District. The location has immediate access to various means of transportation by land and water. Numerous restaurants and high-street shops are within walking distance.<\/p>\n

Brokers involved<\/h2>\n

NKF President and Head of Investor Services Jimmy Kuhn represented the seller in the deal. NKF Vice-Chairmen and Co-Heads of Debt & Structured Finance Dustin Stolly and Jordan Roeschlaub, together with Managing Directors Nick Scribani, Chris Kramer, Director Debt & Equity Seth Hall and Associate Director John Gallagher, led the team securing the acquisition financing.<\/p>\n

JLL Chairman Frank Doyle and Vice President Andrew Coe, together with Managing Directors Benjamin Bass and Clark Finney, will spearhead the leasing efforts at 111 Wall Street. Doyle and Finney are also in charge of leasing at an 850,000-square-foot office building on Madison Avenue<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Newmark Knight Frank secured $145 million in financing for the acquisition of the 1.1 million-square-foot Manhattan property.<\/p>\n","protected":false},"author":870,"featured_media":1004383391,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,1600,21742,10,21747],"tags":[33457,34461,32796,36007,37052,32895],"class_list":["post-1004383373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-citibank","tag-james-kuhn","tag-jll","tag-newmark-knight-frank","tag-nightingale-properties","tag-sl-green-realty-corporation"],"acf":[],"yoast_head":"\nNightingale, Wafra Pay $175M for Wall Street Office Building - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nightingale-wafra-pay-175m-for-wall-street-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nightingale, Wafra Pay $175M for Wall Street Office Building\" \/>\n<meta property=\"og:description\" content=\"Newmark Knight Frank secured $145 million in financing for the acquisition of the 1.1 million-square-foot Manhattan property.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nightingale-wafra-pay-175m-for-wall-street-office-building\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-17T14:35:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T14:11:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/111-Wall-Street-e1579263376952.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1068\" \/>\n\t<meta property=\"og:image:height\" content=\"801\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nightingale-wafra-pay-175m-for-wall-street-office-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/nightingale-wafra-pay-175m-for-wall-street-office-building\/\",\"name\":\"Nightingale, Wafra Pay $175M for Wall Street Office Building - 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