search

The Real Deal Logo

Trending

HGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudTrump accused of making false statements about $50M Chicago tower loanTrump accused of making false statements about $50M Chicago tower loanLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aRent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlords
Commercial
New York

Nightingale partnership closes on $175M purchase of 111 Wall

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

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.

Sign Up for the undefined Newsletter

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

Tags
CitigroupWall Street