Nightingale, Wafra Seeking $860M Redevelopment Loan for 111 Wall Street

The partnership recently entered a contract to acquire the leased fee position in the asset, sources said


Nightingale Properties and Wafra Capital Partners are in the market for a five-year, $860 million loan to finance the renovation of 111 Wall Street, Commercial Observer has learned. The asset is set for a major overhaul, including a new facade and sweeping interior renovations. 

Newmark (NMRK) Knight Frank’s Dustin Stolly and Jordan Roeschlaub are shopping the debt for the partnership along with Nick Scribani, Don Pavlov and Dominick Calisto. JLL (JLL)’s Clark Finney, Frank Doyle, Benjamin Bass and Andrew Coe are handling leasing for the property.

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The borrowers are targeting a year-end closing for the financing, sources said.

CO reported that the partnership was acquiring the leasehold interest in the trophy asset in October 2019. The acquisition closed in January this year, along with a round of financing —provided by SL Green Realty Corp.

Occupying a full city block between Wall Street and Gouverneur Lane, the 1.1-million-square-foot Financial District waterfront property was once fully leased to Citigroup and known as the Citibank Building. Citi vacated its space after a 20-year stint at the building in December, as first reported by the New York Post, moving its employees to its Tribeca offices. 

At the time of the acquisition, the ground lease had only 19 years of term remaining before an fair market value reset. However, sources close to the transaction said that Nightingale and WCP recently however signed a hard contract to acquire the leased fee position in the asset, and that the partnership now plans to collapse the leasehold and leased fee positions into a fee simple position. 

Citi’s departure did however allow Nightingale and Wafra the opportunity to undertake the complete, sweeping, Class A renovation of the property that will be shortly underway, including the lobby, entrance and the building’s outdoor space. 

Upon the completion of the almost $1 billion project, 111 Wall Street will feature over 1.1 Million square feet of cutting-edge Class A office space, 40,000 square feet of top tier tenant amenities and 20,000 square feet of outdoor space across multiple floors and the rooftop. The luxury amenities include a 125-seat conference center, event space, bike and scooter charging room, a fitness center and a spa.

The building offers 47,000-square-foot floor plates and each floor has unobstructed views of the East River.



NG 111Wall OfficeWS 2020 07 01 Nightingale, Wafra Seeking $860M Redevelopment Loan for 111 Wall Street A common area at 111 Wall Street. Nightingale, Wafra Seeking $860M Redevelopment Loan for 111 Wall Street

With the post-COVID world firmly in mind, Nightingale and WCP are outfitting the building with touchless technology. Further, all office floors and amenities will be programmed with the latest social distancing standards.