111 Wall Street, a nearly 1 million-square-foot office tower in Manhattan’s Financial District, represents a landmark moment for C-PACE financing in New York City. As the first-ever C-PACE transaction completed in the city, and the largest in the U.S. at the time, it established the foundation for future adoption of the program at scale. More broadly, 111 Wall Street demonstrates how C-PACE can be integrated into complex capital stacks to modernize large commercial assets and accelerate decarbonization across New York City’s building stock.
Closed in May 2021, the project secured approximately $88 million in C-PACE financing from Petros PACE Finance as part of a broader recapitalization. The financing supported a comprehensive building retrofit, including upgrades to the building enclosure, HVAC and MEP systems, and lighting. Structured over a long-term assessment, the deal enabled deep energy improvements while advancing Local Law 97 compliance.