20 EXCHANGE PLACE RECEIVES $30 MILLION IN RECAPITALIZATION

JULY 2025

The Dermot Company (“Dermot”), a vertically integrated multifamily investment manager, owner, and operator of high-quality communities, collaborates 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 heart of Manhattan’s Financial District, last year in an off-market transaction from a partnership led by DTH Capital.

“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,” says 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, adds Levison.

“We are excited to be part of this compelling investment opportunity,” says 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 continues. “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.

Accord Capital Partners LLC served as the capital advisor to The Dermot Company. The asset is located at 20 Exchange Place, New York, NY 10005.

ABOUT THE DERMOT COMPANY

The Dermot Company, based in New York City, was formed in 1991 as a real estate investment and management company focused on multifamily sector opportunities.  The company has evolved into a fully integrated real estate company employing over 100 real estate professionals in investment, finance, management and construction. Dermot currently manages approximately $5 billion in assets and owns, holds investments in or manages over 7,800 apartments. Learn more at dermotcompany.com.

ABOUT UBS UNIFIED GLOBAL ALTERNATIVES (UGA)

UBS’s Unified Global Alternatives (UGA) business brings together our leading alternatives manager selection franchises from Asset Management and Global Wealth Management. With combined invested assets of approximately $295 billion, UGA is one of the leading global alternative LPs. To serve our clients’ alternative investment needs, UGA maintains, manages and curates one of the world’s premier open architecture platforms across hedge funds, private equity, private credit, real estate, infrastructure and multi-alternative investment products. We are also able to provide access to exclusive co-investments and secondary market opportunities for our more sophisticated clients.

ABOUT ACCORD CAPITAL PARTNERS LLC

Accord, through its affiliates, is a global capital advisor, principal investor and investment manager. With its headquarters in San Francisco and personnel in Chicago, London, Munich and Hong Kong, Accord seeks to catalyze GP business plans using a creative, “one-stop shopping” approach that harnesses both strategic capital and global capital advisory expertise to unlock complexity and build long-term enterprise value for sponsors. Accord has completed approximately $14.5 billion in transaction activity since its inception in 2013, with a majority representing cross-border transactions. Accord Capital Partners, its broker/dealer affiliate, provides advisory and capital raising services in the United States. For further information on Accord, visit: www.accord-group.net.