CONSTRUCTION

Newmark Arranges Acquisition and Construction Loan for 111 Wall Street on Behalf of Nightingale Properties and Wafra Capital Partners

Newmark | June 15, 2021

On behalf of Nightingale Properties and Wafra Capital Partners, Newmark announces the completion of a purchase and construction financing for 111 Wall Street in New York. The frequent institutional joint venture partners will reposition and redevelop 111 Wall Street into a one-of-a-kind Class A office location in the heart of Downtown Manhattan with a debt package surpassing $500 million.

The Newmark team secured the debt, led by Dustin Stolly and Jordan Roeschlaub, Vice-Chairmen and Co-Heads of the New York Debt & Structured Finance team. Nightingale was represented by David Blaivas of Blaivas & Associates, P.C., while WCP was represented by Michael Lefkowitz of Rosenberg & Estis, P.C.

111 Wall Street offers a solid and unrivaled waterfront site with panoramic and perpetually protected views of the Manhattan and Brooklyn skylines, New York Harbor. The East River, situated on a complete city block between Wall Street and Gouverneur Lane. 111 Wall Street is close to Wall Street Pier 11 (which is served by the NYC Ferry, NY Waterway, NY Water Taxi, SeaStreak, and New York Beach Ferry), as well as the 1, 2, 3, 4, 5, A, C, E, J, R, W, and Z subway lines and the Wall Street Helipad.

With cutting-edge and highly configurable office space designed by Studios Architecture, the landmark 25-story property, covering nearly 1.2 million square feet, will redefine the Downtown Manhattan workplace. The URBN Playground-designed tenant amenities will be wholly incorporated into the 111 Wall app and accessible via renters' cellphones. Nightingale and WCP will outfit the entire building with the latest in touchless and smart-building technologies, catering to the future workplace and servicing employees in a post-COVID environment. In addition, the joint venture partners will develop a white-glove, tenant-only amenity program spanning more than 40,000 square feet in the basement and ground floor. A 125-seat conference center, multi-purpose room, event space, a bike and scooter charging area, upmarket food and beverage choices for tenants, a café and barista bar, and 111 WELL fitness center will be among the tenant facilities. Once completed, 111 Wall Street will match the needs and appeal to select tenants, catering to the nation's most sought-after talent pool, with its boutique, premium hospitality feel, and first-class service.

Nightingale and WCP will construct a new curtain wall, floor-to-ceiling View Smart Glass windows, a significantly expanded and altered office lobby, and new destination dispatch elevators. The property will include state-of-the-art MEP systems, VRF HVAC systems with no perimeter convector coverings, and fully redundant power systems as part of a major infrastructure overhaul. 111 Wall Street will be LEED Silver certified and Wiredscore Certified, and tenants will have access to various signage and branding options. 111 Wall Street offers prospective residents distinctive "structure" experiences, with three different elevator banks seamlessly connected to three unique entrances.

Nightingale and WCP's experience, collective capitalization, frequent cooperation, and portfolio breadth enable the coupling of best-in-class sponsorship and business plan execution. In addition, the partnership has a proven track record of success, and it now has joint interests in multiple properties and development projects totaling more than five million square feet.

About Newmark
Newmark Group, Inc. and its subsidiaries are a global leader in commercial real estate services, offering a full range of investor/owner and occupier services and solutions. Our integrated platform drives every aspect of owning or occupying the property. Our services are tailored to each customer type, from owners to occupiers, investors to founders, developing startups to leading corporations. We bring ingenuity to every trade and inspiration to every environment by harnessing the power of data, technology, and industry expertise. Our 18,800 employees work from around 500 offices worldwide in collaboration with our London-based partner Knight Frank and independently-owned offices.

Spotlight

Robotics and autonomous systems are making an increasing impact in many sectors. While we are most familiar with industrial robots and factory automation, service robots, which includes systems for use in domestic, personal, and healthcare settings, is the fastest growing sector. For the period 2016-19 the International Federation of Robotics (IFR) projects sales of 31 million new service robots for domestic use representing a global market of US $13.2 billion.

Spotlight

Robotics and autonomous systems are making an increasing impact in many sectors. While we are most familiar with industrial robots and factory automation, service robots, which includes systems for use in domestic, personal, and healthcare settings, is the fastest growing sector. For the period 2016-19 the International Federation of Robotics (IFR) projects sales of 31 million new service robots for domestic use representing a global market of US $13.2 billion.

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