Press Release
January 5, 2023

Rockwood Capital Closes Largest Office to Residential Conversion in Joint Venture with GFP Real Estate and Metro Loft Management

The Real Estate Industry team represented longtime client Rockwood Capital in connection with its joint venture with GFP Real Estate and Metro Loft Management with respect to the acquisition and redevelopment of 25 Water Street, a 22-story, 1.1 million-square-foot office building in New York City's historic Financial District, and the associated $535.8 million loan.  Goodwin was involved in all aspects of the transaction, including the acquisition of the property, which included negotiations with both the outgoing lender and the outgoing fee owner, the construction documents relating to the office-to-residential conversion and the construction loan from MSD and Apollo.  The transaction is the largest planned office to residential conversion in U.S. history, and one of the largest single asset loans closed nationally in the fourth quarter of 2022.

Rockwood Capital is a real estate investment management firm founded in 1995 that provides debt and equity capital combined with real estate operating expertise for the repositioning, development, redevelopment and recapitalization of residential, office, retail and hotel space in key markets throughout the United States.

The Goodwin team was led by Diana Brummer, Alexandra Kelly Lewis, Jeremy Simon, Austin Wilkins, Ellen Miller, Rosie Jiang with assistance from Bruce Tribush, Kelsey Lemaster and Eliza Reed.

For additional details on the transaction, please read Newmark’s press release.