Nightingale partnership closes on $175M purchase of 111 Wall

The group, which includes Kuwait’s sovereign wealth fund, bought the 1M sf building

New York /
Jan.January 16, 2020 12:00 PM
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

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


Related Articles

arrow_forward_ios
iBuyer bonds attracting Wall Street capital
iBuyer bonds attracting Wall Street capital
iBuyer bonds attracting Wall Street capital
Jack Terzi ends up back in court over over 23 Wall Street
Jack Terzi, China Sonangol back in court over 23 Wall Street
Jack Terzi, China Sonangol back in court over 23 Wall Street
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)
Nightingale, Wafra pay $220M for land under 111 Wall
Nightingale, Wafra pay $220M for land under 111 Wall
Petros Pace CEO Mansoor Ghori with 111 Wall Street (Petros, Google Maps)
Wall Street scores first C-PACE deal in New York City’s history
Wall Street scores first C-PACE deal in New York City’s history
60 Wall Street and Deutsche Bank CEO of Americas Christiana Riley (Wikipedia Commons; PxHere; Getty)
Pandemic speeds last major bank’s exit from Wall Street
Pandemic speeds last major bank’s exit from Wall Street
Citigroup CEO Michael Corbat (Credit: Getty; iStock)
Doublewide cubicle? Citigroup eyes suburban offices so workers can spread out
Doublewide cubicle? Citigroup eyes suburban offices so workers can spread out
Blackstone's Jonathan Gray, Gaedeke Group's Sabine Gaedeke Stener and 44 Wall Street (Credit: Stener by Gaedeke Group; Gray by Drew Angerer/Getty Images, 44 Wall Street via Google Maps)
Blackstone sells office tower at 44 Wall Street for $200M
Blackstone sells office tower at 44 Wall Street for $200M
Jack Terzi and 23 Wall Street (Credit: Wikipedia)
Jack Terzi finalizes 99-year lease option at 23 Wall Street
Jack Terzi finalizes 99-year lease option at 23 Wall Street
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...