GFP and Northwind complete sale of 100 Pearl for $ 850 million
GFP Real Estate and Northwind Group are pleased to announce the $ 850 million sale of 100 Pearl Street in New York’s financial district to the German company Commerz Real.
The sale marks one of the largest office sale transactions to take place in New York City since the start of the pandemic – and underscores the keen interest of foreign investors in acquiring Class A trophy office assets in the city.
GFP Real Estate and Northwind Group signed a contract to acquire the full block property in 2018 for $ 308.5 million. The partnership recently completed a $ 250 million modernization of the 100 Pearl that included a complete renovation of the building’s lobby and infrastructure; the addition of a new food court, café, restaurant and wine bar; as well as the addition of a new penthouse floor with a tenant-exclusive rooftop terrace and amenity lounge with stunning views of New York Harbor and New York City skyline.
“100 Pearl was completely redesigned following an extensive gut renovation that included the addition of modern tenant-focused amenity spaces and enhanced infrastructure,” said Brian Steinwurtzel, co- CEO of GFP Real Estate. “We look forward to working with Commerz at 100 Pearl Street in the future and are delighted that they recognized the incredible opportunity to purchase a fully leased Class A property in one of the fastest growing office markets. from the city. “
Built in 1983, 100 Pearl Street is currently 93 percent occupied with long-term leases in place beyond 2050. Tenants include NYC Health + Hospitals, the Security and Trade Commission, New York Legal Assistance Group and Algiers Asset Management.
“We are very proud of the result of the partnership in the complete transformation of 100 Pearl, making it a unique asset, anchored by high quality tenants with long term leases. We remain optimistic about New York and plan to continue and deploy significant capital in the city in the years to come. With this sale, Northwind ends 2021 having completed more than $ 1.5 billion in real estate transactions, ”said Ran Eliasaf, Founder and Managing Partner of Northwind Group.
Adam Spies, Doug Harmon, Adam Doneger and Marcella Fasulo of Cushman & Wakefield arranged the transaction on behalf of the sellers.
Formerly known as 7 Hanover Square, 100 Pearl Street comprises 967,886 square feet. Situated between Water and Pearl Street, the building’s prime downtown location offers stunning views from all sides and is easily accessible by public transport. The building is also located next to Stone Street, which is home to a variety of popular bars and restaurants.
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