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

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

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

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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