The Dermot Co., PGGM acquire 767-unit, 57-story multifamily property in NYC’s financial district

The Dermot Company (Dermot) in partnership with Dutch pension fund service provider PGGM, has acquired 20 Exchange Place, a 767-unit, 57-story luxury apartment building located in the heart of Manhattan’s Financial District.

20 Exchange, which was originally built as the headquarters of Citigroup’s predecessor City Bank-Farmers Trust, was purchased from a partnership led by DTH Capital in an off-market transaction, according to Andrew Levison, partner and COO at Dermot.

“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,” said Levison. “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 mar