View Smart Windows Selected for Renovation of 111 Wall Street, a Reimagined Office Tower in Manhattan’s Financial District
June 18 2021 - 7:00AM
View, Inc. (Nasdaq: VIEW) (“View”), the market leader in smart
glass, announced its smart windows will be installed at 111 Wall
Street, a 25-story, 1.2 million-square-foot waterfront office tower
in Manhattan’s Financial District, currently undergoing an
extensive transformation by Nightingale Properties and Wafra
Capital Partners.
Nightingale Properties and Wafra Capital Partners are
repositioning 111 Wall Street into a Class-A downtown New York City
office asset through a redevelopment program that includes a full
exterior renovation and infrastructure overhaul. View Smart
Windows, which use artificial intelligence to optimize natural
light and views of the outdoors while minimizing heat and glare,
will serve as a key amenity to attract tenants focused on employee
comfort and wellness in a post-pandemic office environment. View
Smart Windows are designed to make buildings healthier, smarter,
and more energy efficient, a critical differentiator in asset
renovations which ultimately benefits a landlord’s bottom line.
The new smart windows will provide tenants with unobstructed
views of the Manhattan and Brooklyn skylines, New York Harbor and
the East River, while also reducing energy consumption at the
property. In addition, the installation at 111 Wall Street will
feature View Immersive Display, which allows tenants to transform
their smart windows into transparent, high-definition displays for
interactive remote collaboration, internet browsing, entertainment,
and more.
111 Wall Street is also the first property to receive funding
through New York City’s recently launched C-PACE program, a
financing structure that supports energy efficiency improvements.
The C-PACE financing will help fund the building renovations and
allow ownership to comply with the city’s new environmental
regulations.
“We are focused on creating a safe and secure office space that
will put employees returning to work at ease,” said Michael Gontar,
Chief Investment Officer with Wafra Capital Partners. “With its
numerous health and wellness benefits, incorporating View Smart
Windows into the reimagined 111 Wall Street was an obvious
choice.”
Smart glass offers significant health advantages by reducing the
incidence of eyestrain and headaches by over 50%. In a recent
study, employees working next to View Smart Windows improved their
sleep by 37 minutes per night and cognitive function by 42 percent.
Research also shows that buildings designed to increase access to
natural light yield 5%-6% higher rents.
“The future of buildings is experiential, sustainable, healthy,
and smart,” said Dr. Rao Mulpuri, Chairman and CEO of View. “For
every new building built, there are over 100 existing buildings and
there is a tremendous opportunity to upgrade and reposition these
buildings for the 21st century. View is excited to help Nightingale
Properties and Wafra Capital Partners reposition 111 Wall
Street.”
The well-located 111 Wall Street, which was previously fully
leased to Citigroup and known as the Citibank Building, occupies an
entire city block between Wall Street and Gouverneur Lane and sits
adjacent to Wall Street/Pier 11, as well as numerous subway lines
and the Wall Street Heliport. Additional renovations to the
property include a new curtain wall, floor-to-ceiling windows, a
renovated lobby, and other amenities, including a 125-seat
conference center, event space, a bike and scooter charging room,
and a fitness center known as 111 WELL. Studios Architecture is
overseeing the redesign for 111 Wall Street and Hunter Roberts is
managing the construction and renovation work.
About ViewView is a smart building platform
company and the market leader in dynamic windows. View’s windows
use artificial intelligence to automatically adjust in response to
the sun and increase access to natural light, acting as a digital
skin for smart buildings that improve occupant health and reduce
energy consumption to mitigate the effects of climate change. Every
View installation includes a cloud-connected smart building
platform that enables groundbreaking applications to optimize
building temperature and air quality, provide superior indoor
cellular coverage, improve building security, and facilitate
collaboration. View is designed into 75 million square feet of
buildings including offices, hospitals, airports, educational
facilities, hotels and multi-family residences. For more
information, please visit: www.view.com.
About Nightingale Properties Led by CEO Elie
Schwartz, Nightingale Properties pursues real estate investments
across the capital stack, and spanning all risk-return profiles,
geographies, asset classes, hold periods, deal sizes, and
development potential. Nightingale is regarded in the industry as
one of the most agile, creative, and operationally savvy
institutional-grade owner-operators. By leveraging its vertically
integrated and white-glove Property Management, Asset Management,
Construction Management, and Development divisions, Nightingale
creates value in its properties and for its joint venture and
institutional equity partners.
About Wafra Capital PartnersWafra Capital
Partners ("WCP"), a New York-based investment management firm,
manages or advises funds and accounts (principally on a
Shari'a-compliant basis) that specialize in asset-based finance and
real estate investments. WCP has significant experience with real
estate and real estate debt, structured finance, venture debt,
equipment leasing and finance, transportation finance, and other
specialty finance transactions, and its team has been operating in
these arenas since 1999.
Contacts:
For Investors: Samuel MeehanView, Inc.Investor
RelationsIR@View.com408-493-1358
For Media:Tom NolanGreat Ink
Communicationsview@greatink.com908-392-0333
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6d92eab5-71fe-4cfa-9467-b93a8424f525
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