NEW YORK CITY — A partnership between locally based investment firm The Dermot Co. and Dutch pension fund PGGM has acquired 20 Exchange Place, a 57-story high-rise community in Manhattan’s Financial District, in an off-market transaction. The seller was a partnership led by DTH Capital, a New York City-based owner-operator focused on converting office buildings into residential complexes.
The property was originally built in 1931 as the headquarters of City Bank Farmers Trust Co., a national bank which later became Citibank. Approximately 20 years ago, the building was converted into a multifamily community.
20 Exchange Place now offers 767 apartment units in studio, one- and two-bedroom layouts. Amenities include a fitness center, coworking lounge, children’s playroom, gaming room and an outdoor terrace. The property also includes ground-level retail space, which is currently occupied by theater operator Emursive. The new ownership plans to implement a value-add program to unit interiors and amenity spaces.