Dutch pension fund manager PGGM has acquired a 57-storey US multifamily property in partnership with the Dermot Company.
The acquisition of 20 Exchange Place, in Manhattan’s financial district in New York, is the seventh asset PGGM and Dermot have acquired together.
The 767-unit luxury apartment building was acquired from a partnership led by DTH Capital for an unspecified amount.
Andrew Levison, partner and COO for Dermot, said: “This rare opportunity, which came to us through an existing relationship, has enabled us to acquire an iconic property at a highly attractive basis that is significantly below replacement cost.”
20 Exchange was originally built as the headquarters of Citigroup’s predecessor City Bank-Farmers Trust.
Levison said: “DTH creatively executed an office-to-multifamily conversion of this iconic New York property starting nearly 20 years ago. Given the vintage of the conversion, the building is ready for some upgrades to remain competitive with the newest crop of conversions that are being brought to market.”
Jason Beren, CEO of DTH Capital, said: “DTH Capital is honoured to have stewarded the illustrious 20 Exchange property over the past decades leading its transformational conversion into a luxury residence and host to the innovative Life and Trust show.
“DTH Capital will continue its focus on further enhancing its other iconic downtown luxury residential property, 70 Pine, and appreciates Dermot’s commitment to leading 20 Exchange through its next developmental phase.”
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