The Dermot Company collaborates with UGA, UBS on $30 million recapitalization for 20 Exchange Pl.

Manhattan, NY The Dermot Company (Dermot) collaborated with the Unified Global Alternatives (UGA) team at UBS on a $30 million investment for 20 Exchange Place, an apartment building in New York City.

Dermot, a general partner in the initiative, and PGGM, the Dutch pensions fund service, acquired 20 Exchange, a 767-unit, 57-story luxury apartment building located in the Financial District, last year in an off-market transaction from a partnership led by DTH Capital.

Accord Group Holdings served as the capital advisor to The Dermot Company.

“This investment is a testament to the strong work that we’re doing at Dermot and the opportunities provided by this historic building in the financial district,” said Andrew Levison, partner and chief investment officer for Dermot. “Over the years, significant public and private investment has bolstered interest in this culturally vibrant neighborhood with proximity to jobs, daily conveniences, and excellent schools. As a limited partner, UBS is joining our effort to create significant value through our business plan, which blends modernization, including new lifestyle- and wellness-focused amenities, with the preservation of 20 Exchange’s historic character, ensuring the property meets contemporary tenant needs while honoring the building’s legacy.”

“New York City’s record-high employment following its economic recovery from the pandemic and recent influx of new companies tapping into New York’s deep intellectual talent pool are poised to continue to drive demand for high-quality residential communities,” said Levison.

“We are excited to be part of this compelling investment opportunity,” said Colin Armstrong, a portfolio manager, UGA, UBS. “We look forward to participating in the modernization of this asset and the continued evolution of the financial district submarket. Accessing assets like 20 Exchange Place during a challenging transactional market offers a potentially favorable outcome for clients.”

“Current and planned upgrades to 20 Exchange include an expanded suite of modern amenities,” Levison said. “These amenities are expected to include expanded fitness spaces, private and shared work spaces, a screening room, gathering spaces, a children’s play room, a sports simulator, and thoughtfully designed outdoor areas that promote relaxation and foster community.”

He adds that Dermot will also help revitalize the streetscape with planned upgrades that consider safety and aesthetics, including the installation of exterior lighting to enhance visibility and articulate the architectural elements of the building.