The Real Deal New York

The Travelers moving on, sells stake at 77 Water for $118M

Kaufman Organization to retain controlling interest in 612K sf office property

September 02, 2014 01:05PM

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77-water

77 Water Street in Financial District and Travelers Companies CEO Jay Fishman

Minnesota-based insurance firm the Travelers Companies sold its 49 percent stake in a 26-story Financial District office building at 77 Water Street for $117.6 million.

The William Kaufman Organization owns a 51 percent stake and controlling interest in the 612,237-square-foot property, which is valued at more than $235 million. Financial giant Goldman Sachs net-leased the building’s total space about 10 years ago.

AT&T and the William J. Clinton Foundation are among the tenants to sublease that space, according to the New York Daily News.

In 2011, the building was refinanced with a $45 million loan from AXA-Equitable, as previously reported. [NYDN]Mark Maurer

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