NEW YORK – Institutional joint venture partners Nightingale Properties and Wafra Capital Partners have secured over $ 500 million in acquisition and construction loan for the reposition and renovation of the 1.2 million square foot facility at 111 Wall St.
Using the debt package, the partners plan to relocate the 25-story building to a Class A office in midtown Manhattan. The renovation will include customizable office space designed by Studios Architecture and tenant amenities designed by URBN Playground. The partners will implement contactless and intelligent building technologies throughout the tower.
The partners will also be implementing a tenant-only beautification program covering more than 40,000 square feet on the basement and first floors. Tenant amenities will include a 125-seat conference center, a multipurpose room, an event space, a bicycle and scooter charging room, a café, a barista bar and a fitness center.
The renovation project will also include the installation of a new curtain wall, floor-to-ceiling Smart Glass Views, new control room elevators, advanced MEP systems, VRF HVAC systems, and an expanded and transformed office lobby.
Upon completion, 111 Wall St. will be LEED Silver and Wiredscore certified.
Newark arranged the acquisition and construction loan on behalf of the joint venture. Newmark’s debt-securing team was led by Vice-Chairs and Co-Heads of Debt and Structured Finance in New York, Dustin Stolly and Jordan Roschlaub.
On the deal, David Blaivas of Blaivas & Associates advised Nightingale Properties and Michael Lefkowitz of Rosenberg & Estis advised Wafra Capital Partners.
“Nightingale’s and WCP’s exceptional track record, experience and financial capacity have collectively played an important role in this innovative funding during one of the most challenging financial conditions in history,” says Stolli.
Stolli adds, “111 Wall Street’s excellent funding enables joint venture partners to capitalize on the recovery and revitalization of the New York City market, especially to create a best-in-class and personalized office product.”
The partnership between Nightingale Properties and Wafra Capital Partners currently brings together common interests in real estate and development projects totaling over five million square feet.