The Dermot Company and Dutch pension fund service provider PGGM have acquired 20 Exchange Place, a 767-unit, 57-story luxury apartment building located in Lower Manhattan’s Financial District for a reported $370 million. It’s the seventh asset Dermot has purchased in partnership with PGGM. 

Originally built as the headquarters of Citigroup’s predecessor, City Bank-Farmers Trust, 20 Exchange was purchased from a partnership led by DTH Capital in an off-market transaction, said Andrew Levison, partner and COO for 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 conversion’s vintage, he continued, “the building is ready for some upgrades to remain competitive with the newest crop of conversions that are being brought to market. We are excited to bring our exclusive management and amenity program to the residents of 20 Exchange Place.”