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.
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. [Crain’s] — Eddie Small