GFP Immobilier 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 since the start of the pandemic and underscores the strong interest from foreign investors in acquiring Class A office assets in the city.
GFP Real Estate and Northwind Group signed a contract to acquire the complete block in 2018 for $308.5m. The partnership recently completed a $250 million modernization of 100 Pearl, which included a complete renovation of the lobby and building infrastructure; the addition of a new food hall, café, restaurant and wine bar; as well as the addition of a new penthouse floor with a tenant-exclusive rooftop and amenity lounge with sweeping views of New York Harbor and the New York skyline.
“100 Pearl has been completely redesigned following an extensive renovation that included the addition of modern tenant-focused amenity spaces and enhanced infrastructure,” said Brian Steinwurtzel, GFP Co-CEO. Real Estate. “We look forward to working with Commerz at 100 Pearl Street in the future and are delighted that they have recognized the incredible opportunity to purchase a fully leased Class A property in one of the fastest growing office markets in the world. city.”
Built in 1983, 100 Pearl Street is currently 93% occupied with long-term leases in place beyond 2050. Tenants include NYC Health + Hospitals, the Security and Exchange Commission, New York Legal Assistance Group and Algiers Asset Management.
“We are very proud of the result achieved by the partnership in the complete transformation of 100 Pearl, making it a one-of-a-kind asset, anchored by high-quality tenants with long-term leases. We remain bullish on New York City and plan to continue and deploy significant capital into the city in the years to come. With this sale, Northwind ends 2021 having completed over $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. Located between Water and Pearl Street, the prime downtown location offers stunning views on all sides and is easily accessible by public transportation. The building is also located next to Stone Street, which is home to a variety of popular bars and restaurants.
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