Nightingale Properties, Wafra Capital Partners, and David Werner have closed on their acquisition of the leasehold interest of 111 Wall Street from Zurich Insurance Group for around $175 million, Crain’s reported. The 24-story office building spans 1.1 million square feet, and occupies a full city block in the Financial District.
- Dig Deeper: The building was fully leased to Citigroup before they vacated their space in December. Nightingale and Wafra plan to spend nearly $150 million in upgrades that will include a new lobby and a tenant lounge.
- Acquisition Financing: SL Green Realty provided a $110 million senior loan, and an undisclosed mezz lender supplied $35 million. The debt services as an acquisition loan and bridge-to-construction loan to facilitate the full redevelopment of a Class A building.