NEW YORK, June 14, 2021 / PRNewswire / – Newmark¹ announces the completion of an acquisition and home loan for 111 Wall. known Street, new York, on behalf of Nightingale Properties (“Nightingale”) and Wafra Capital Partners (“WCP”). The frequent institutional joint venture partners will have a debt package in excess of $ 500 million reposition 111 Wall Street and make it a unique Class A office location in the heart of. to develop Downtown Manhattan.
The Newmark team led by Dustin Stolly and Jordan Röschlaub, Vice-Chair and Co-Head of the New York Debt & Structured Finance Team, secured the debt. David Blaivas von Blaivas & Associates advised PC Nightingale and Michael Lefkowitz von Rosenberg & Estis advised PC WCP on the transaction.
On an entire city block between Wall Street and Governor Lane, 111 Wall Street benefits from a strategic and unrivaled waterfront location with extensive and permanently protected views of the Manhattan and Brooklyn Skylines, New York Harbor and the East River. 111 Wall Street offers direct access to public transportation as it is adjacent to Wall Street Pier 11 (served by NYC Ferry, NY Waterway, NY Water Taxi, SeaStreak, and New York Beach Ferry) and 1, 2, 3, 4, 5 , A, C, E, J, R, W, and Z subway lines and the Wall Street Helipad.
The iconic 25-story property, approximately 1.2 million square feet, is set to revolutionize the world Downtown Manhattan Workplace with state-of-the-art and highly customizable office space designed by Studios Architecture. The tenant equipment designed by URBN Playground will be fully integrated via the 111 Wall app and available on the tenants’ smartphones. Nightingale and WCP will equip the entire building with the latest non-contact and intelligent building technology to ensure the workplace of the future and serve employees in a post-COVID world. The joint venture partners will carry out a pure tenant program of over 40,000 square meters in the basement and on the ground floor. The tenants’ amenities consist of a conference center with 125 seats, a multipurpose room, an event room, a storage space for bicycles and scooters, fine dining and drinks for the tenants, a café and a barista bar, and a fitness center known as 111 WELL . When completed, 111 Wall Street will meet the needs and appeal of discerning tenants with its boutique, luxurious hospitality feeling and first-class service and serve the country’s most sought-after talent pool.
Nightingale and WCP will install new curtain walls and floor-to-ceiling View Smart Glass windows, create a dramatically expanded and redesigned office lobby, and install new destination elevators. As part of a complete infrastructure overhaul, the property will include state-of-the-art MEP systems, VRF HVAC systems with no wraparound convector covers, and fully redundant power systems. 111 Wall Street will be LEED Silver and Wiredscore certified and offer tenants multiple signage and branding options. With three separate elevator banks that are seamlessly connected to three separate entrances, 111 Wall Street offers potential tenants individual “building-within-a-building” opportunities that enable three future tenant headquarters locations.
“The exceptional track record, experience and financial resources of Nightingale and WCP combined were instrumental in delivering this innovative financing in one of the toughest funding environments in history,” said Stolly.
“The attractive base of 111 Wall Street, coupled with an exceptional business plan and world-class leadership from institutional joint venture partners, enabled lenders to feel comfortable with a major office remodel on the heels of COVID,” said Roeschlaub.
Stolly added, “The signature funding of 111 Wall Street enables the joint venture partners to benefit from the recovery and resurgence of New York City Market, especially for first-class and tailor-made office products. “
The expertise, the joint capitalization, the frequent collaboration and the portfolio depth between Nightingale and WCP ensure the combination of first-class sponsorship and the implementation of business plans. The partnership has a strong track record and currently has joint interests in multiple real estate and development projects totaling over 5 million square feet.
About nightingale properties
Run by the CEO Elie Schwartz, Nightingale Properties tracks real estate investments across the capital stack and encompasses all risk-return profiles, regions, asset classes, holding periods, transaction sizes and development potential. Nightingale is known in the industry as one of the most agile, creative and operationally adept owner-operators on an institutional level. By leveraging its vertically integrated and white-glove property management, asset management, construction management and development departments, Nightingale creates value in its properties as well as for its joint venture and institutional equity partners.
About Wafra Capital Partners
Wafra Capital Partners (“WCP”), a new York-based investment company, manages or advises funds and accounts (mainly based on Sharia law) that specialize in asset-based financing and real estate investments. WCP has extensive experience in real estate and mortgage lending, structured finance, risk finance, equipment leasing and financing, transportation finance, and other specialty finance transactions, and its team has been in these areas since 1999.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a leading global provider of commercial real estate services with a full range of services and products for investors / owners and users. Our integrated platform seamlessly supports every phase of owning or owning a property. Our services are tailored to every type of customer, from owner to user, from investor to founder, from growing startup to leading company. We harness the power of data, technology and industry expertise and bring ingenuity to every exchange and imagination to every room. Along with London-based partner Knight Frank and independent offices, our 18,800 employees work from approximately 500 offices around the world, offering a global perspective and an agile approach. In 2020 Newmark had sales of over $ 1.9 billion. To learn more, visit nmk.com or follow @newmark.
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