The Dermot Co. and PGGM have acquired 20 Exchange Place, a multifamily property in New York City’s Financial District. The partners plan a value-add strategy for the apartment community, which was previously converted from office to residential.

The Dermot Co. has partnered with Dutch pension fund service provider PGGM to acquire a luxury apartment building in the heart of New York City’s Financial District.

“It had a consistency between the spaces, that kind of through line. And I liked the stairway—a little moment of whimsy in the project.” –Juror John Frane The Landon is a 340-unit residential building situated on West 43rd Street. Over two decades old, the site required extensive renovations to stay competitive with nearby developments and capitalize on its proximity to Hudson Yards.

For over 30 years, The Dermot Company, a vertically integrated multifamily investor and operator, has grown to become a market leader, with a portfolio that includes over 6,000 apartments on the East Coast, from New York to Florida. With offices in New York City and West Palm Beach, Florida, Dermot owns and/or operates 21 luxury communities across New York City and Florida.

The Landon is a 340-unit residential building located on West 43rd street. Built over two decades prior, the site was in need of a significant renovation to keep up with the surrounding developments. Complex interventions were needed for the lobby, amenity and fitness spaces.