UPDATED, Jan. 16, 2:16 p.m.: A partnership between investor Nightingale Group, and Kuwait’s sovereign wealth fund Wafra has closed on its $175 million purchase of 111 Wall Street.
The buyers bought the building from Zurich Insurance, and their leasehold on it will last for 49 years, according to Crain’s. The owners landed a $110 million acquisition loan from SL Green.
The property spans about 1 million square feet, and the Korein family owns the land beneath it.
Citigroup recently left the property, and the new owners plan to renovate it with as much as $150 million worth of upgrades that will include a new lobby and a tenant lounge
A Newmark Knight Frank team of Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, Seth Hall and John Gallagher arranged the debt Newmark’s Jimmy Kuhn, Bill Lee, Brett Siegel and Evan Layne brokered the sale. [Crain’s] — Eddie Small